Merck was in talks to acquire Revolution Medicines for $28-32 billion, reported before the Phase 3 pancreatic cancer data win1.
Talks collapsed after Phase 3 success with daraxonrasib (doubled survival vs. chemo), as Revolution's valuation expectations exceeded Merck's offer around $30 billion2.
RVMD market cap reached ~$22.6 billion amid rumors, with shares soaring 11-12.7% to ~$12114.
Pre-rumor valuation was ~$16 billion; shares nearly tripled in 12 months1.
Company raised $1.5B in follow-on offering post-events3.
Sources:
1. https://stocktwits.com/news-articles/markets/equity/merck-in-talks-to-acquire-revolution-medicines-for-about-30-billion-report/cmU2pTHR4dy
2. https://www.basecall.news/article/revolution-medicines-merck-buyout-talks-collapse-2026-04-17.html
3. https://www.bioworld.com/articles/730308-revolution-medicines-15b-follow-on-highest-to-date
4. https://www.pharmalive.com/revolution-soars-amid-swirling-buyout-rumors-with-merck-abbvie/