EQRx is moving on from its previous goal to change the drug pricing landscape in the US, letting go of over half its employees in the process. The company’s mission was to cut costs through developing drugs in categories with known safety profiles, cutting research timelines and expenses by up to 50%. They are now moving towards a market-based pricing strategy moving forward.
According to Max Gelman, “The latest job cuts amount to about 170 positions, or more than half of the 300 employees it had earlier this year. The changes were announced Monday as part of EQRx’s quarterly earnings report. Severance and pipeline wind-down costs will total $45 million to $55 million, the company said.”
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(Source: Endpoints News, May 8th, 2023)