EQRx, a company committed to developing and delivering important new medicines at lower prices, today announced that it has raised $500 million in Series B financing. Since launching a year ago, EQRx has raised approximately $750 million to advance its mission of bringing new medicines to treat life-threatening and chronic diseases to patients and healthcare systems around the world at prices that are a fraction of the cost of today’s leading therapies.
The Series B financing includes participation from all Series A investors, life science specialists, world-class mutual funds and private equity funds, sovereign wealth and family offices, and market-leading payers and health systems that cover more than 20% of insured lives in the United States.
“There is an urgent need for change in the industry’s approach to drug pricing, and although challenging, changing the model is not only possible, it is critical,” said Alexis Borisy, founder, chairman and chief executive officer of EQRx. “The price of a drug should never be the rate-limiting factor to patient access. EQRx is confronting this issue head-on by employing a disruptive, market-based approach to create true, sustainable access to great medicines at fair prices and reestablish trust and transparency between drug developers and the people who need these medicines.” Read more here.