EQRx Acquisition, Valuation, Funding & Investors

EQRx was acquired by Revolution Medicines for $1.1B in August 2023.

See full EQRx profile

EQRx acquisition price

$1.1B

Acquired by Revolution Medicines · Aug 2023

Cumulative funding EQRx raised

$700M

across 2 funding rounds

Key investors in EQRx

  • Andreessen Horowitz
  • GV
  • Bain Capital
  • ARCH Venture Partners
  • Casdin Capital
  • S32
  • Arboretum Ventures
  • Nextech Invest

EQRx Overview

About EQRx

EQRx is a biotechnology company developing affordable prescription medicines through streamlined drug discovery and delivery processes. It targets oncology, immunology, and respiratory diseases with a pipeline including once-daily JAK1 inhibitor EQ101 and RSV monoclonal antibody EQ101 for infants. Founded in 2020 and Cambridge-headquartered, the firm raised over $1.3 billion in funding before filing for bankruptcy in 2023, with assets acquired by Revolution Medicines.


Founded

2019

HQ

United StatesUnited States

Website

eqrx.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.1B (acquired Aug 2023)

EQRx Acquisition

EQRx was acquired by Revolution Medicines for $1.1B on 1 August 2023.

Before the acquisition EQRx had raised $700M across 2 funding rounds.

EQRx acquisition details
AcquirerDateTypePrice
1 Aug 2023Strategic M&A$1.1B

EQRx Funding History

EQRx has raised a total of $700M across 2 funding rounds.

EQRx's first fundraising round was a $200M Series A in January 2020. The most recent completed round was a $500M Series B in January 2021.

EQRx funding rounds

EQRx funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2021Series BNextech Invest; GV; Casdin Capital; S32; Andreessen Horowitz; Arboretum Ventures; Bain Capital; ARCH Venture Partners$500MEQRx is a Cambridge, Massachusetts-based biotech company founded in January 2020, focused on developing and delivering important new medicines for life-threatening and chronic diseases, such as cancer and inflammatory conditions, at significantly lower prices than current therapies using advanced technology, strategic partnerships, and efficient development processes. The company aims to catalyze a market-based solution to high drug pricing through collaborations with biopharmaceutical firms, payers, health systems, and other stakeholders covering over 20% of insured U.S. lives. In January 2021, EQRx closed a $500 million Series B financing round, bringing total funding to approximately $750 million since inception. The syndicate included all prior Series A investors—Andreessen Horowitz (a16z), Arboretum Ventures, ARCH Venture Partners, Bain Capital Life Sciences (implied via life science specialists), Casdin Capital, GV (Alphabet's venture arm), Nextech Invest, and Section 32 (S32)—plus new participants like life science funds, mutual funds, private equity, sovereign wealth funds, family offices, and market-leading payers and health systems. The funding supports acceleration of late-stage cancer therapies, pipeline expansion, and business growth, including licensing deals like rights to sugemalimab (immune checkpoint inhibitor for non-small cell lung cancer and others) from CStone Pharmaceuticals for $150 million upfront (up to $1.15 billion total) and lerociclib (CDK4/6 inhibitor for breast cancer) from G1 Therapeutics for $20 million upfront (up to $290 million). EQRx had over 100 employees at the time, planning to double that year, with strategic partnerships to modernize drug access models globally. EQRx later faced challenges, winding down most R&D by November 2023 when acquired by Revolution Medicines primarily for its cash reserves in a capital-raising transaction.
Jan 2020Series AGV (lead); Nextech Invest; Casdin Capital; S32; Andreessen Horowitz; Arboretum Ventures; Bain Capital; Exor Ventures; ARCH Venture Partners$200MEQRx launched in January 2020 as a clinical-stage biotech company aiming to develop and deliver innovative medicines at lower prices, focusing on high-cost categories like oncology and immune-inflammatory diseases. The company raised funding across multiple rounds, totaling $700M over 5 rounds, with the first being a Series A on January 12, 2020, followed by a Series B on January 11, 2021. Investors included a mix of venture capital firms, with 10 total backers noted. It advanced clinical programs like aumolertinib (EGFR inhibitor) and sugemalimab (PD-L1 antibody), but later faced challenges including pipeline pauses, layoffs, and a shift from low-cost drug ambitions. By 2022, it reported $1.5B in cash equivalents, with operating expenses under $400M for the year. Ultimately, EQRx was acquired by Revolution Medicines in a pending deal valued at around $1.07B as of 2023, with an initial proposal at $950M implied equity value.

Who has invested in EQRx?

9 investors have backed EQRx across its funding rounds, including Andreessen Horowitz, GV, Bain Capital, ARCH Venture Partners, Casdin Capital and S32.

Lead investors include GV.


EQRx Investors

Investors in EQRx by funding rounds participated
InvestorHQRoundsRoleFirst check
Nextech InvestSwitzerlandZurich2ParticipantJan 2020
GVUnited StatesSan Francisco, CA2LeadJan 2020
Casdin CapitalUnited StatesNew York City, NY2ParticipantJan 2020
S32United StatesSan Diego, CA2ParticipantJan 2020
Andreessen HorowitzUnited StatesSan Francisco, CA2ParticipantJan 2020
Arboretum VenturesUnited StatesAnn Arbor, MI2ParticipantJan 2020
Bain CapitalUnited StatesBoston, MA2ParticipantJan 2020

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EQRx Competitors

EQRx competitors include listed companies like Monte Rosa Therapeutics, Obsidian Therapeutics, Guilin Sanjin and Kissei Pharmaceutical, and private ones like Letu and Formation Bio.

Public and private companies comparable to EQRx
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Monte Rosa TherapeuticsUnited StatesUnited StatesPublicly listed$124M($42M)$1.1B5.9x
Obsidian TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$1.1B-
Guilin SanjinChinaChinaPublicly listed$305M$95M$1.1B-
Kissei PharmaceuticalJapanJapanPublicly listed$626M$138M$1.1B1.2x
LetuChinaShenzhenPrivate--$1.1B-
Formation BioUnited StatesNew York City, NYPrivate--$1B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Monte Rosa Therapeutics$124M($42M)4.0x5.9x(11.7x)(10.3x)
Obsidian Therapeutics-($104M)--(13.0x)-
Guilin Sanjin$305M$95M2.9x-9.4x-
Kissei Pharmaceutical$626M$138M1.2x1.2x5.5x17.2x
Corvus Pharma-($18M)--(47.6x)(13.1x)
MoonLake-($220M)--(2.8x)(2.5x)
Jade Biosciences-($135M)--(4.7x)-
SPIMACO - ADDWAEIH$455M$103M3.0x3.0x13.3x13.3x

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Common questions about EQRx

When was EQRx founded?EQRx was founded in 2019.
Where is EQRx headquartered?EQRx is headquartered in United States.
Is EQRx publicly listed?No, EQRx was acquired by Revolution Medicines in August 2023.
Who acquired EQRx?EQRx was acquired by Revolution Medicines in August 2023.
How much was EQRx acquired for?EQRx was acquired for $1.1B in August 2023.
How much funding has EQRx raised?EQRx has raised $700M across 2 funding rounds.
What was EQRx's last funding round?EQRx's last funding round was a $500M Series B in January 2021.
Who are EQRx's investors?EQRx's investors include Nextech Invest, GV, Casdin Capital, S32, Andreessen Horowitz, Arboretum Ventures, Bain Capital, ARCH Venture Partners and Exor Ventures.
Which companies are comparable to EQRx?Companies comparable to EQRx include Monte Rosa Therapeutics, Obsidian Therapeutics, Guilin Sanjin, Kissei Pharmaceutical, Letu and Formation Bio.

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