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- EQRx
EQRx Acquisition, Valuation, Funding & Investors
EQRx was acquired by Revolution Medicines for $1.1B in August 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
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.1B (acquired Aug 2023)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 1 Aug 2023 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2021 | Series B | Nextech Invest; GV; Casdin Capital; S32; Andreessen Horowitz; Arboretum Ventures; Bain Capital; ARCH Venture Partners | $500M | EQRx 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 2020 | Series A | GV (lead); Nextech Invest; Casdin Capital; S32; Andreessen Horowitz; Arboretum Ventures; Bain Capital; Exor Ventures; ARCH Venture Partners | $200M | EQRx 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2020 | ||
| 2 | Lead | Jan 2020 | ||
| 2 | Participant | Jan 2020 | ||
| 2 | Participant | Jan 2020 | ||
| 2 | Participant | Jan 2020 | ||
| 2 | Participant | Jan 2020 | ||
| 2 | Participant | Jan 2020 | ||
This data is available for Pro users. Sign up to see all 9 EQRx investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEQRx 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $124M | ($42M) | $1.1B | 5.9x | ||
| Publicly listed | - | ($104M) | $1.1B | - | ||
| Publicly listed | $305M | $95M | $1.1B | - | ||
| Publicly listed | $626M | $138M | $1.1B | 1.2x | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1B | - |
EQRx Public Comps
EQRx is no longer listed, but its public comps include Monte Rosa Therapeutics, Obsidian Therapeutics, Guilin Sanjin, Kissei Pharmaceutical, Corvus Pharma, MoonLake, Jade Biosciences, SPIMACO - ADDWAEIH, CStone Pharmaceuticals and Oscotec.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $124M | ($42M) | 4.0x | 5.9x | (11.7x) | (10.3x) | |||
| - | ($104M) | - | - | (13.0x) | - | |||
| $305M | $95M | 2.9x | - | 9.4x | - | |||
| $626M | $138M | 1.2x | 1.2x | 5.5x | 17.2x | |||
| - | ($18M) | - | - | (47.6x) | (13.1x) | |||
| - | ($220M) | - | - | (2.8x) | (2.5x) | |||
| - | ($135M) | - | - | (4.7x) | - | |||
| $455M | $103M | 3.0x | 3.0x | 13.3x | 13.3x | |||
This data is available for Pro users. Sign up to see all EQRx competitors and their valuation data. Start Free Trial | ||||||||
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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