STAT+: EQRx, failed developer of low-priced cancer drugs, is sold for cash
EQRx is done, sold for its cash.
The once-buzzy but now dormant biotech company is being acquired by Revolution Medicines, a developer of cancer drugs, the companies announced Tuesday.
The all-stock deal is essentially a balance-sheet transfer of $1 billion in cash from EQRx to Revolution. What was left of EQRx’s drug pipeline is being shelved.
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