EQRx and Geisinger Sign Memorandum of Understanding to Provide Access to Innovative Cancer Medicines at Radically Lower Costs
- Provides roadmap to commercial agreement between EQRx and Geisinger, a U.S.-based integrated delivery network
- Potential to provide access to affordable treatments in areas of high-cost burden for more than 1 million people within Geisinger health systems
CAMBRIDGE, Mass., Jan. 07, 2022 (GLOBE NEWSWIRE) -- EQRx, Inc. (Nasdaq: EQRX), a new type of pharmaceutical company committed to developing and delivering important new medicines to patients at radically lower prices, today announced it has signed a non-binding memorandum of understanding (MOU) with Geisinger, a U.S.-based integrated delivery network. The MOU provides a roadmap for Geisinger and EQRx to enter into a commercial agreement that would give Geisinger’s members and patients access to EQRx’s pipeline of innovative medicines, contingent upon approval by the U.S. Food and Drug Administration (FDA). The MOU contemplates an expansion of the existing long-term strategic collaboration between the two organizations with a shared goal of bringing innovative therapies to the people Geisinger serves, in a financially sustainable way.
The parties anticipate that the commercial agreement would initially focus on EQRx’s two lead oncology programs, aumolertinib and sugemalimab, and could be expanded to other EQRx pipeline programs. Aumolertinib, an epidermal growth factor receptor (EGFR) inhibitor, and sugemalimab, an anti-PD-L1 antibody, have both shown promising Phase 3 data for the treatment of patients with advanced non-small cell lung cancer (NSCLC).
“We are committed to partnering with different types of health systems worldwide to increase access to medicines, and we are thrilled to collaborate with Geisinger, a leading integrated delivery network,” said Melanie Nallicheri, chief executive officer of EQRx. “The MOU provides a roadmap for access to future EQRx products, beginning with our two lead oncology programs, and paves the way to delivering these lower-cost, innovative medicines to the more than one million people within Geisinger health systems upon FDA approval.”
“Our partnership with EQRx is well aligned with Geisinger’s commitment to our community to make better health easier by directly addressing the rising costs of healthcare and medications in particular,” said Mike Evans, chief pharmacy officer of Geisinger. “Ballooning medication costs are placing an unsustainable burden on both patients and the U.S. healthcare system. This partnership marks Geisinger’s commitment to disrupt the status quo and help make lower-cost medications for our patients a reality.”
EQRx is a new type of pharmaceutical company committed to developing and delivering innovative medicines to patients at radically lower prices. Launched in January 2020, EQRx is purpose-built, at scale, with a growing catalog of medicines in development in high-cost drug categories and emerging partnerships with leading payers and providers. Leveraging cutting-edge science and technology and strategic partnerships with stakeholders from across the healthcare system, EQRx aims to provide 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.
Geisinger is committed to making better health easier for the more than 1 million people it serves. Founded more than 100 years ago by Abigail Geisinger, the system now includes nine hospital campuses, a health plan with more than half a million members, two research centers and the Geisinger Commonwealth School of Medicine. With nearly 24,000 employees and more than 1,600 employed physicians, Geisinger boosts its hometown economies in Pennsylvania by billions of dollars annually. Learn more at www.geisinger.org, or connect with us on Facebook, Instagram, LinkedIn and Twitter.
EQRx Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may be identified by the use of words such as “believe,” “project,” “expect,” “anticipate,” “contemplate”, “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to, express or implied statements regarding the ability to reach a binding commercial agreement to provide access to affordable treatments to people within Geisinger health systems, EQRx’s ability to develop and deliver innovative medicines at radically lower prices, the ability to form a long-term strategic partnership between EQRx and Geisinger, EQRx’s ability to expand its pipeline, and execute on its business strategy with payers, as well as other statements regarding plans and market opportunities of EQRx. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks associated with negotiating and finalizing binding agreements, receipt of the anticipated benefits of any such commercial agreement or longer-term partnership, EQRx’s ability to receive FDA approval for its lead oncology assets and any other product candidates in its pipeline, pharmaceutical product development generally, as well as 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, risks associated with EQRx’s ability to implement its business plans, including risks associated with its growth strategy and creating a global payer network, and other risks associating with EQRx’s plans to create a new kind of pharmaceutical company, 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 offer innovative medicines at reduced prices, and EQRx’s ability to operate as a public company. 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 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 SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and EQRx assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.