JIMCO Life Sciences Fund Participates in Series B US$ 500m Round for EQRx

Abdul Latif Jameel Health and EQRx collaborate to introduce two novel and affordable cancer treatments at a fraction of the cost of existing approaches to 1.5 billion people across the Middle East, Turkey and Africa

• Aumolertinib and Sugemalimab both reporting positive data from Phase III studies in treatment of non-small cell lung cancer could offer treatment at a fraction of the cost of existing and traditional approaches
• EQRx is committed to developing new medicines, offering them at lower prices, reimagining medicine to address one of society’s biggest health care challenges
• Founded in 2020, Abdul Latif Jameel Health was created as a response to the ongoing global disparity in access to modern medical care, focusing on accelerating healthcare inclusion across the global south.

Abdul Latif Jameel Health, part of international diversified family business Abdul Latif Jameel, and EQRx, a company committed to developing and delivering important new medicines at lower prices, have entered into a new strategic collaboration for the distribution of two affordable breakthrough novel lung cancer therapeutics to millions of people across the Middle East, Africa and Turkey.

The new therapeutics, EQ143 (Aumolertinib), epidermal growth factor receptor (EGFR) inhibitor and EQ165 (Sugemalimab), an anti-PD-L1 antibody, are both showing positive results in clinical testing significantly prolonging progression-free survival – with fewer side effects – for the treatment of patients with advanced lung cancer.  These therapies may offer treatment at a fraction of the cost of existing and traditional approaches.

This new strategic collaboration will see Abdul Latif Jameel Health commercialize the drugs to selected markets throughout the Middle East region, as well as in Turkey and all of Africa, providing access to affordable, safe, effective treatment for thousands of patients with NSCLC.

Akram Bouchenaki, Chief Executive Officer, Abdul Latif Jameel Health, said:  “This agreement comes as we forge ahead in our mission to source, collaborate with and fund innovators within the medical world that are re-examining how to improve the current healthcare landscape by disrupting existing methods and working to accelerate the wider inclusivity of healthcare throughout the world. 

 “Since it launched in 2020, the same significant year as Abdul Latif Jameel Health, EQRx has successfully achieved momentous milestones in bringing new medicines that treat life-threatening and chronic diseases to patients and healthcare systems around the world – at prices that are a fraction of the cost of today’s leading therapies.  This is a huge achievement in an industry that is so well established and has standardized procedures. 

 “It’s our joint mission with EQRx to change that and push our healthcare industry colleagues and peers to do better, a mission that is aligned with the values of the Jameel Family.”

EQRx is building a competitive pipeline of new drug candidates to address diseases like cancer and inflammatory conditions that combined are projected to represent nearly 40% of the drug spend among the highest cost disease globally by 2025.  By leveraging proven druggable targets and a focus on efficiency, together with strategic partnerships with health systems and payers, EQRx anticipates a higher probability of regulatory success, a lower risk-adjusted cost of drug development, and a more streamlined access model.

“There is an urgent need for change in the industry’s approach to drug pricing, and although challenging, changing the model is not only possible, it is critical,” said Alexis Borisy, Founder, Chairman and Chief Executive Officer, EQRx. 

 “Over the past two decades, the average price of treatment has skyrocketed to exceed – by a margin of tens of thousands of dollars – the annual household incomes of most Americans.  These costs cause lung cancer patients to declare bankruptcy at a higher rate than people with any other diseases.  They are also, quite literally, a cause of death – having forced patients to settle for subpar medicines and therapies or abandon treatment altogether.

 “The price of a drug should never be the rate-limiting factor to patient access.  EQRx is confronting this issue head-on by employing a disruptive, market-based approach to create true, sustainable access to great medicines at fair prices and reestablish trust and transparency between drug developers and the people who need these medicines.”

Abdul Latif Jameel Health also confirmed that it participated in the recent US$ 500 million Series B funding round for EQRx through the dedicated JIMCO Life Sciences Fund, part of JIMCO, the Jameel Family’s global investment arm.  This contribution in the latest round sits alongside those from all Series A investors, life science specialists, world-class mutual funds and private equity funds, sovereign wealth and family offices, and market-leading payers and health systems that cover more than 20% of insured lives in the United States of America and brings the total funding to approximately US$ 750 million.

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