Global law firm White & Case LLP has advised CM Life Sciences III Inc., a special purpose acquisition company (SPAC), on its business combination with EQRx, Inc., a pharmaceutical company committed to developing and delivering new medicines to patients at lower prices. The deal is valued at US$3.65 billion and is expected to close at the end of 2021.
EQRx was founded less than two years ago and was founded on the idea that drugs cost too much, and that partnering with insurance companies and leveraging advances in science could help cut drug prices. The company estimates that its distribution could save the US healthcare system more than 50 percent of its current spending for drugs in these areas.
The White & Case team that advised on the transaction was led by partners Matthew Kautz (M&A) and Joel Rubinstein (Capital Markets) in New York, and A.J. Ericksen (Capital Markets) in Houston, and included counsel Marie Elena Angulo (Capital Markets) in Miami and associates Patrick Mock (M&A) in New York, and Eric Clamage and Matt Sieben (M&A) in Chicago.
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