Benzinga | Aug 6, 2021 03:37PM EDT

Corvex, Casdin Backed SPAC To Merge With EQRx In $1.8B Deal

* CM Life Sciences III Inc (NASDAQ:CMLT), the third SPAC backed by Eli Casdin's Casdin Capital LLC and Keith Meister's Corvex Management LP, is set to merge with EQRx Inc (NASDAQ:EQRX).

* The stock will list on NASDAQ under the EQRX symbol.

* The transaction is expected to provide up to $1.8 billion in cash proceeds to EQRx, expanding the cash on its balance sheet to approximately $2.0 billion at closing. The merger values EQRx at $3.65 billion.

* The SPAC deal comes less than two years after the Company was founded on the premise that it could dramatically lower drug prices.

* EQRx has raised $800 million from investors, and it employs about 200 people.

* The merger is expected to close in the fourth quarter of this year.

* That medicine lineup includes two oncology assets, aumolertinib, and sugemalimab.

* EQRx now has the cash to work on a pipeline of 10-plus programs and further its drug discovery partnerships with Exscientia and AbCellera Biologics, thanks to the SPAC deal.

* Price Action: CMLT shares are down 0.34% at $9.98 during the market session on the last check Friday.