EQRx, a startup that made waves last year when it announced a plan to develop new medicines that would sell at cheaper prices than existing high-priced drugs, said Monday it had raised $500 million more in investment, bringing the total amount it has raised to $750 million.
Alexis Borisy, EQRx’s CEO and founder, reiterated that he plans to take advantage of the “yawning gap” between what a cancer drug would have cost two decades ago and what it would cost now, even as it benefits the same number of people.
“This is all in inflation-adjusted numbers, all in current dollars,” Borisy said. “Drugs that 25 years ago, we as an industry would charge $20,000 for, today we charge $200,000 for when the technology is enabling it to be done radically differently. That creates an enormous business opportunity. That’s what EQRx is going after at massive scale.”
The company currently employs more than 100 people, Borisy said, and expects to double that this year.