CM Life Sciences III (CMLT) Shareholders Approve EQRx Deal
CM Life Sciences III (NASDAQ:CMLT) announced this morning that its shareholders approved its combination with biotech firm EQRx in a special meeting yesterday.
The 8-K did not disclose redemption figures but, CM III went into the vote with at least some risk having traded below $10 since August. Following close, the combined company is expected to trade on the Nasdaq under the symbol “EQRX”
CM Life Sciences III initially announced the $3.54 billion combination with EQRx on August 6. Cambridge, Massachusetts-based EQRx is developing a range of drug candidates both generated in-house and licensed from peers with an aim to reducing the overall cost of pharmaceutical rollouts.
All measures on the company’s ballot passed by large margins, but some received dissenting votes amounting to about 19% of participating shares. For full vote tallies, click here.
ADVISORS
- J.P. Morgan Securities, LLC is acting as the lead financial advisor, with Goldman Sachs & Co. LLC also acting as a financial advisor.
- PJT Partners LP is also acting as a financial advisor and Goodwin Procter LLP is serving as the legal advisor to EQRx.
- Jefferies LLC and Cowen and Company, LLC are acting as joint capital markets advisors.
- White & Case LLP is serving as legal advisor to CM Life Sciences III.
- Jefferies LLC, Cowen and Company, LLC and J.P. Morgan Securities LLC are acting as joint placement agents.