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Revolution Medicines Looks to Raise $200M in Public Offering

NEW YORK – Revolution Medicines on Wednesday announced an underwritten public offering to sell up to $200 million of shares of its common stock.

The company will also offer the underwriters a 30-day option to purchase an additional $30 million of common stock. JP Morgan, Cowen, and Guggenheim Securities are acting as the joint bookrunning managers for the proposed offering.

In the preliminary prospectus filing with the US Securities and Exchange Commission, Revolution noted the last reported sale price of its common stock on the Nasdaq was $22.82 per share on July 18. The firm plans to use the proceeds from the offering to fund development of its RAS(ON) inhibitor programs and its RAS companion inhibitor programs.

The financing would support the clinical development of Revolution's RAS inhibitors currently in the clinic, RMC-6236, and help advance its preclinical RAS(ON) programs into the clinic, including its KRAS G12C inhibitor RMC-6291, KRAS G12D inhibitor RMC-9805, and KRAS G13C inhibitor RMC-8839. Last month, Revolution advanced its first RAS inhibitor, RMC-6236, into a Phase I/Ib clinical trial in patients with KRAS G12-mutant advanced solid tumors.

The proceeds would also be used to fund ongoing development of its RAS companion therapy programs, including its SHP2 inhibitor RMC-4630, which is being studied as a monotherapy in advanced solid tumors and in combination with Amgen's Lumakras (sotorasib) in patients with advanced solid tumors harboring KRAS G12C mutations. The firm is also developing an mTORC1/4EBP1 inhibitor and a SOS1 inhibitor in its RAS companion program.

Last year, Redwood City, California-based Revolution raised $260.9 million in a separate direct offering.