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Addition expected to provide approximately $1 billion in capital.
Revolution Medicines, a clinical-stage oncology organization, announced an agreement to acquire EQRx, a biopharmaceutical company. Approved by the board of directors of both organizations, the all-stock transaction is expected to add more than $1 billion in net cash to Revolution Medicines’ balance sheet.
According to the oncology company, the acquisition will enhance its efforts to fulfill its vision to discover, develop and deliver pioneering RAS(ON) inhibitor drugs on behalf of patients with RAS-addicted cancers.
“This deal marks a decisive step toward advancing Revolution Medicines’ vision as a self-sufficient organization that discovers and develops highly innovative drug candidates with the goal of delivering high-impact targeted medicines into oncology practice on behalf of patients with RAS-addicted cancers,” said Mark A. Goldsmith, MD, PhD, CEO, chairman, Revolution Medicines, in a company press release. “This singular acquisition of a sizable quantum of capital signifies the growing confidence we have in our RAS-focused drug candidate pipeline, and substantially increases our capacity to continue advancing high-performing oncology assets, particularly our priority clinical-stage RAS(ON) Inhibitors, RMC-6236, RMC-6291 and RMC-9805, with the potential to create significant long-term value for our shareholders.”
Reference: Revolution Medicines, Inc. to Acquire EQRx, Inc. in All-Stock Transaction to Gain More Than $1 Billion in Additional Capital. GlobeNewswire. August 1, 2023. Accessed August 2, 2023. https://www.globenewswire.com/news-release/2023/08/01/2715636/0/en/Revolution-Medicines-Inc-to-Acquire-EQRx-Inc-in-All-Stock-Transaction-to-Gain-More-Than-1-Billion-in-Additional-Capital.html