EQRx, Inc. announced that it has entered into subscription agreements with certain investors co-led by SB Northstar LP, a fund managed by SB Management Limited, funds advised by Corvex Management LP, and existing investor Casdin Capital, LLC for private placement of 120,000,000 class A shares at a price of $10 per share for gross proceeds of $1,200,000,000 on August 5, 2021. The transaction also includes participation from existing investor Andreessen Horowitz LLC, Avidity Partners Management, L.P., Bain Capital Life Sciences Investors, LLC, BVF Partners, L.P., Boxer Capital LLC, Fidelity Management & Research Company LLC, Franklin Resources, Inc., Mubadala Capital, Mubadala Investment Company PJSC, Rock Springs Capital Management LP, The Invus Group, LLC, Verily Life Sciences LLC, and strategic partners spanning the healthcare ecosystem of integrated delivery networks, health insurers, health systems and therapeutic developers. SB Management Limited has committed to provide $400,000,000 and Casdin Capital, LLC and Corvex Management LP has entered into forward purchase agreement for $100,000,000.

The shares are subject to lock-up period of 180 days from closing of transaction. The transaction has been approved by the board of directors of the company. The transaction is subject to satisfaction of other customary conditions and is expected to close in the fourth quarter of 2021.

Amy Abernethy of Verily Life Sciences LLC, Eli Casdin of Casdin Capital, LLC, and Jorge Conde of Andreessen Horowitz LLC joins company's board of directors. The company has raised $800,000,000 in funding before this transaction.