Comprehensive M&A data with integrated detailed company information

Revolution prices IPO ahead of planned flotation later today
Posted on Thursday, 13 February 2020 12:44
Revolution Medicines has priced its previously announced initial public offering (IPO) at USD 17.00 apiece and is expected to raise USD 238.00 million when its stock hits the market later today.

The group is selling 14.00 million shares via the listing on Nasdaq under the ticker symbol RVMD.

JPMorgan, Cowen, SVB Leerink and Guggenheim Securities are joint bookrunning managers to the deal and have the option to purchase an additional 2.10 million stocks at the IPO price of USD 17.00.

Revolution is a clinical-stage oncology company focused on developing novel targeted therapies to inhibit elusive high-value frontier cancer targets within notorious growth and survival pathways.

Media reports regarding the listing began in September 2019 and the group officially filed its registration document with the US Securities and Exchange Commission last month, setting a placeholder of USD 100.00 million.

Revolution raised USD 100.00 million in a series C round of financing led by Boxer Capital of the Tavistock Group and involving Cormorant Capital, Deerfield Management and Fidelity Management & Research, among others.

The group’s operations specifically target the RAS and mTOR signalling pathways with its lead candidate being RMC-4630 blocks SHP2, a protein in the former chain of proteins being tested in partnership with Sanofi.

It is evaluating the drug in multi-cohort phase 1/2 clinical trials: RMC-4630-01 is a study of it as a single agent, and RMC-4630-02 is in phase 1b/2 in combination with the MEK inhibitor cobimetinib.

Proceeds from the IPO will be used to fund the development of its candidates, while also for other general corporate purposes.

During the nine months to 30th September 2019, Revolution recorded revenue of USD 37.95 million, a significant improvement from USD 9.82 million in the corresponding period of 2018.

Net loss widened to USD 33.07 million in the same timeframe, compared to a loss of USD 30.45 million in Q1-3 2018.

© Zephus Ltd