CMLT - SPAC backed by Corvex agrees to take drug-price startup EQRx public

SPAC CM Life Sciences III (NASDAQ:CMLT), which is backed by Corvex's Keith Meister and Casdin Capital, agreed to a  deal to take drug-price startup EQRx public. The transaction is expected to provide up to $1.8B in cash proceeds for EQRX, according to a statement. The deal includes a $1.2B PPE led by a unit of SoftBank, Casdin Capital and Corvex Management. The transaction values EQRx at a pre-transaction enterprise value of $3.65B. Upon closing of deal, which is expected in Q4, CM Life Sciences III will be renamed EQRx, Inc.  and it will remain listed on the Nasdaq under ticker symbols “EQRX." The combined company will be led by CEO Melanie Nallicheri; Alexis Borisy will become executive chairman of the board. JPMorgan is acting as the lead financial advisor, with Goldman Sachs also acting as a financial advisor. PJT Partners LP is also acting as a financial advisor and Goodwin

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SPAC backed by Corvex agrees to take drug-price startup EQRx public