Alexis Borisy, leading biotechnology entrepreneur and investor, has announced the launch of his pharma startup EQRx at a recently held largest investing event, JPMorgan Healthcare Conference. Borisy aims to continue his career with EQRx, which he started with the goal of manufacturing medicines at economical prices.
Alphabet’s venture firm, GV, has led the first funding round of EQRx and rounded the capital amount to $200 million with a16z, ARCH Venture Partners, Nextech, Andreessen Horowitz, Section 32, Arboretum Ventures and Casdin Capital.
With over 25 years of experience in the science-based company, Alexis Borisy had co-founded Blueprint Medicines, Foundation Medicine (FMI), CombinatoRx, and now EQRx. He has helped lots of companies with an investment like Tango Therapeutics, REVOLUTION Medicines, Insitro, and many more.
Borisy will be the CEO of EQRx with veterans formerly worked at Foundation Medicine, Melanie Nallicheri, and Susan Hager, Robert Forrester of Verastem, Sandra Horning of Roche, and drug pricing critic of Memorial Sloan Kettering Cancer Center, Peter Bach.
According to a source, Borisy said he had spent his adult life as being an investor, and he believes innovation needs to be rewarded and it should be priced affordably. It should not be over-priced.
EQRx team will focus on medicines, which are patents. They have no plan of developing generic drugs or biosimilars. Borisy has not opened up with any name of the medication. Instead, he said he would aim to the product which had launched in the past 5 years or which might can hit the market in the coming 5 years.
He set the goal of 10 drugs to get approved in the following 10 years and the price of almost about one-third to one-fifth of the competitor medicine.
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