Revolution Medicines (RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, announced its intention to offer $750 million of common stock and $250 million aggregate principal amount of convertible senior notes due 2033 in separate public offerings, subject to market and other conditions.
In addition, the firm also expects to grant the underwriters of the common stock offering a 30-day option to purchase up to an additional $112.5 million of common stock, and expects to grant the underwriters of the note offering a 30-day option to purchase up to an additional $37.5 million principal amount of notes solely to cover over-allotments.
J.P. Morgan, TD Cowen, and Guggenheim Securities are acting as book-running managers for the note and common stock offerings.
The firm's lead devlopment RAS(ON) inhibitors include Daraxonrasib (RMC-6236), Elironrasib G12C (RMC-6291) and Xoldonrasib G12D (RMC-9805).
Daraxonrasib is currently being evaluated in four global Phase 3 registrational trials, including three in PDAC and one in NSCLC.
On Monday, the firm announced positive top-line news from the Phase 3 RASolute 302 clinical trial evaluating Daraxonrasib in patients with metastatic pancreatic ductal adenocarcinoma (PDAC) who had been previously treated. The trial met all primary and key secondary endpoints.
RVMD has traded between $34.00 and $136.80 over the last year. The stock closed Monday's trade at $136.30, up 41.35%.
In the pre-market, RVMD is down 2.35%, $133.10.
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