Up­dat­ed: EQRx sells it­self to an­oth­er Alex­is Borisy com­pa­ny, Rev­o­lu­tion Med­i­cines, in all-stock deal

The end of EQRx has of­fi­cial­ly ar­rived.

EQRx will be ac­quired by Rev­o­lu­tion Med­i­cines in an all-stock trans­ac­tion, the com­pa­nies an­nounced Tues­day morn­ing in a press re­lease. As part of the merg­er, all of EQRx’s on­go­ing R&D port­fo­lio pro­grams will be wound down and the in­tel­lec­tu­al prop­er­ty re­turned to its part­ners.

Ac­cord­ing to the re­lease, the deal will add $1 bil­lion in net cash to Rev­o­lu­tion’s bal­ance sheet. The com­pa­ny will fo­cus the mon­ey on three “pri­or­i­ty” RAS in­hibitor can­di­dates, as well as some un­named “mu­tant-se­lec­tive” RAS(ON) pro­grams. On a call with an­a­lysts, Rev­o­lu­tion CEO Mark Gold­smith said the new cap­i­tal will help fund “one or more sin­gle-agent piv­otal clin­i­cal tri­als” for its lead can­di­date, RMC-6236, po­ten­tial­ly be­gin­ning in 2024.

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