MAY 10, 2023 — RESET: 170 EMPLOYEES GONE
In what appears to be a massive restructuring of EQRx, the company “announced plans to reset its business.”
Melanie Nallicheri, president and chief executive officer of EQRx…
“Going forward, EQRx will leverage its significant scale of capital and team of experienced ‘drug hunters’ towards developing clinically differentiated, high-value medicines. As part of this business reset, we plan to remove programs from our existing portfolio that are inconsistent with this new vision. Our promising and potentially differentiated early-stage immune-inflammatory programs will be transitioned into a separate entity under EQRx, and we will explore its path as an independent company.”
“We expect that our go-forward streamlined organization will have a significantly lower cash burn, which, when combined with our current $1.3 billion cash position, opens up degrees of freedom to execute against our new strategy.”
The biotech is also cutting ties with two of its partners, letting go of 170 staff members and slashing all assets from its pipeline except one.
APRIL 15, 2023 — Original entry…
Cambridge, Massachusetts-based EQRx, a biotechnology company that once sought to reimagine prescription drug pricing, has announced a further restructuring to conserve cash and improve operational efficiencies.
The restructuring will impact 18% of the company's workforce or 66 employees.
According to CEO Melanie Nallicheri, “Our focus remains on being disciplined with our cash while executing on our priorities and preserving runway into 2028.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?