Move Over Roivant, Nuvation: EQRx Reveals Biggest Biopharma SPAC Merger This Year
Deal Gives Developer Of Low-Cost Drugs $1.8bn In New Cash
EQRx has raised at least $750m since it launched in January 2020 and will have $2bn to fund its ongoing development of low-cost drugs after merging with a special purpose acquisition corporation.
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Public Company Edition: Mergers with special purpose acquisition corporations also continue to take companies public, with three new SPAC offerings in late 2021. Also, Xeris raised $30m in a private placement of stock to support its recently approved drug and Sirnaomics went public in Hong Kong.
Aside from a few high-profile exceptions, the biopharma industry supply chain has remained secure and resilient during the COVID-19 pandemic, outperforming retail and consumer goods. Chip Davis, Jr., head of the Healthcare Distribution Alliance, spoke with In Vivo about the need for a long-term industrial policy for drug manufacturing, real-time data-sharing and transparency in the supply chain, and minimizing disruptions.
Management tried to sidestep controversy around the approval of Aduhelm and said it remains confident the drug will be reimbursed.