- The two companies will explore opportunities for a long-term strategic partnership spanning the CVS Health business.
- Includes CVS Caremark, the leading manager of pharmacy benefits in the United States, covering 1 in 3 Americans – nearly 110 million lives
- Initial focus will be on EQRx’s two main oncology programs and future therapies are expected to follow.
CAMBRIDGE, Mass., Jan. 10, 2022 (GLOBE NEWSWIRE) – EQRx, Inc. (Nasdaq: EQRX), a new type of pharmaceutical company engaged in the development and delivery of important new drugs to patients at dramatically lower prices, announced today that it has entered into a Memorandum of Understanding (MOU) with CVS Health.1 The companies plan to explore a long-term strategic partnership to accelerate the commercial availability of lower-cost specialty drugs and create savings for customers, patients and CVS Health members through the adoption of EQRx drugs approved by the United States Food & Drug Administration. (FDA).
Initially, the companies plan to work together to support access and adoption of EQRx’s two main oncology products, subject to FDA approval. EQRx and CVS Health will also explore collaborative opportunities in support of their mutually aligned goal of bringing other innovative and lower cost specialty drugs to market to dramatically reduce overall drug spend.
“With this Memorandum of Understanding, we are taking the first step towards achieving our common goal of improving access to high-quality, innovative medicines at dramatically lower prices,” said Melanie Nallicheri, CEO of EQRx . “CVS Health is a trusted provider of pharmaceutical and medical benefits to communities across America. Together, we intend to deliver significant cost savings to their clients, plan members, consumers and the entire healthcare ecosystem in the United States.
“Delivering drugs at the lowest net cost to patients is the reason our customers hire us. We are always looking for new opportunities to do this, and we are actively looking for companies that can help us achieve this goal, ”said Alan Lotvin, President of CVS Caremark. “EQRx brings a new approach to drug discovery and commercialization and, if successful, will provide us with another tool to reduce specialty drug costs, which remains the greatest concern for our customers. “
Ms. Nallicheri will be making a virtual presentation today, Monday, January 10, at 3:45 p.m. ET at 40e JP Morgan Annual Healthcare Conference. A live, archived webcast of the presentation will be available in Investor News and Events section.eqrx.com.
EQRx is a new type of pharmaceutical company engaged in the development and delivery of innovative drugs to patients at dramatically lower prices. Launched in January 2020, EQRx is purpose-built, large-scale, with a growing catalog of drugs in development in high-cost drug categories and emerging partnerships with major payers and suppliers. Leveraging cutting-edge science and technology and strategic partnerships with stakeholders across the healthcare system, EQRx aims to deliver innovative, patent-protected medicines more efficiently and cost-effectively than ever before. To learn more, visit www.eqrx.com and follow us on social media: Twitter: @EQRxInc, LinkedIn, Instagram: @eqrxinc.
EQRx ™ and Remaking Medicine ™ are trademarks of EQRx, Inc.
EQRx Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements can be identified by the use of words such as “believe”, “plan”, “expect”, “anticipate”, “contemplate”, “estimate”, “intend”, “the strategy “,” the future, “” opportunity “,” plan “,” explore “,” can “,” should “,” will “,” would “,” will “,” continue “,” will probably result ” and similar expressions. These forward-looking statements include, without limitation, express or implied statements regarding the ability to enter into a binding agreement reflecting the terms of a long-term strategic partnership to accelerate the commercial availability of specialized therapeutics at lower cost and create opportunities. cost savings for Customers, patients and CVS Health members, EQRx’s ability to develop, deliver and improve patient access to innovative medicines at dramatically lower prices, the ability to form a long-term strategic partnership between EQRx and CVS Health, EQRx’s ability to expand its pipeline, and execute its business strategy with payers, as well as other statements regarding EQRx’s plans and market opportunities. Forward-looking statements are predictions, projections and other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. There are many factors that could cause actual future events to differ materially from forward-looking statements contained in this press release, including, but not limited to, the risks associated with negotiating and finalizing binding agreements, receipt of the anticipated benefits of such an agreement or partnership, EQRx’s ability to receive approvals from the FDA and other global regulatory authorities for its major oncology assets and any other product candidates in its pipeline, product development pharmaceuticals in general, as well as the risks associated with changes in the competitive and highly regulated industries in which EQRx operates, variations in operating performance across competitors, changes in laws and regulations affecting EQRx’s business, the associated risks the ability of EQRx to implement its business plans, including the risks associated with its growth strategy and the creation of a global network of payers, and other risks associated with EQRx’s plans to create a new type of pharmaceutical business, the risk of downturns and a changing regulatory landscape in the highly competitive healthcare and biopharmaceutical industries, the size and growth of the markets in which EQRx operates and its ability to deliver innovative medicines at discounted prices, and EQRx’s ability to operate as a business public. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the prospectus dated December 23, 2021 and filed with the SEC under Rule 424 (b) and other documents. filed by EQRx from time to time with the second. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and EQRx assumes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1 CVS Health legal entities named in the MOU include CVS Pharmacy Inc., Caremark Rx, LLC and CVS Health Clinical Trial Services.