Revolution Medicines, a clinical-stage oncology company focused on RAS-addicted cancers, will be acquire Massachusetts-based EQRx in an all-stock transaction.
Founded in 2020 by biotech entrepreneur and investor Alexis Borisy, EQRx specializes in oncology and immunology, with a portfolio of more than 10 potential drugs, comprising both small molecules and biologics. The company unveiled a "business reset" back in May, cutting pipeline programs and 170 jobs.
The deal will further the mission of Revolution Medicines — of which Borisy is also a founding investor — to discover and develop innovative RAS(ON) inhibitor drugs for patients with RAS-addicted cancers. RAS-addicted cancers heavily depend on abnormal signaling from mutated RAS genes for their growth, which can lead to resistance to conventional cancer treatments. Targeted therapies like RAS(ON) inhibitors, that focus on abnormal RAS signaling, have become a crucial area of interest in cancer research to enhance treatment outcomes for patients with RAS-addicted cancers.
The definitive merger announced this week will add over $1 billion in net cash to Revolution Medicines' capital and will support their ongoing research and development of RMC-6236 and RMC-6291, with planned clinical trials potentially starting in 2024.