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Alexis Borisy
Venture capitalist Alexis Borisy Vanessa Leroy for STAT

EQRx is done, sold for its cash.

The once-buzzy but now dormant biotech company is being acquired by Revolution Medicines, a developer of cancer drugs, the companies announced Tuesday.

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The all-stock deal is essentially a balance-sheet transfer of $1 billion in cash from EQRx to Revolution. What was left of EQRx’s drug pipeline is being shelved.

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