Revolution Medicines Completes Acquisition of EQRx
09 Novembro 2023 - 11:10AM
Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage
oncology company developing targeted therapies for RAS-addicted
cancers, today announced it has closed its acquisition of
EQRx, Inc.
Through the acquisition, Revolution Medicines expects to add
approximately $1.1 billion in net cash proceeds to its balance
sheet, after estimated post-closing EQRx wind-down and transition
costs. Each share of common stock of EQRx issued has been converted
into the right to receive 0.1112 shares of common stock of
Revolution Medicines. Revolution Medicines expects to issue
approximately 55 million shares of its common stock in connection
with the merger (excluding assumed warrants and earn-out shares).
EQRx common stock has ceased trading on the Nasdaq Global Market
and all EQRx programs are being wound down.
“Revolution Medicines has reached an important milestone with
the completion of this transaction that brings a significant
additional quantum of capital to support our rapidly advancing
clinical programs. On the foundation of exciting recent scientific
disclosures, we will be able to make significant investments on
behalf of the parallel clinical development strategy for our
compelling RASMULTI(ON) Inhibitor, RMC-6236, and mutant-selective
RAS(ON) Inhibitors, RMC-6291 (G12C), and RMC-9805 (G12D), which we
believe have the potential to change the standard of care for
patients with RAS-addicted cancers,” said Mark A. Goldsmith, M.D.,
Ph.D., chief executive officer and chairman of Revolution
Medicines. “We are also delighted to welcome Dr. Sandra Horning, a
seasoned oncologist and late-stage clinical development leader, to
the Revolution Medicines board of directors. We remain deeply
committed to advancing our rich pipeline of promising oncology
assets to address unmet patient needs, and I am extremely grateful
to the employees and shareholders of Revolution Medicines and EQRx
who have supported us to a successful transaction.”
Update to Revolution Medicines Board of
DirectorsDr. Sandra Horning joined Revolution Medicines’
board of directors at the closing of the EQRx acquisition as a
Class II director, with a term expiring at the company’s 2025
annual meeting of stockholders.
Dr. Horning brings significant and relevant experience to
Revolution Medicines, having previously served as the executive
vice president, chief medical officer and global head of product
development at Genentech. During her decade-long career with the
company, she helped bring 15 new medicines to patients across a
variety of disease areas, including cancer. Prior to her tenure at
Genentech, Dr. Horning served as a practicing oncologist for 25
years at Stanford University, where she remains a professor of
medicine emerita. Throughout her impressive career, Dr. Horning has
received numerous prestigious awards and recognitions, including
the Healthcare Businesswomen’s Association 2020-2021 Woman of the
Year and the Duane Roth Achievement Award from the UC San Diego
Moores Cancer Center. She currently serves as a member of the
boards of directors of Moderna, Inc. and Olema Pharmaceuticals,
Inc. and was a director of EQRx until its acquisition. Dr. Horning
received her M.D. from University of Iowa School of Medicine and
completed her post-graduate fellowship in Oncology and Cancer
Biology at Stanford University.
AdvisorsGuggenheim Securities, LLC served as
Revolution Medicines’ financial advisor and Latham & Watkins
LLP served as its legal counsel. Goldman Sachs & Co. acted as
lead financial advisor to EQRx. MTS Health Partners, L.P. also
acted as financial advisor to EQRx. Goodwin Procter LLP acted as
legal counsel for EQRx.
About Revolution Medicines, Inc.Revolution
Medicines is a clinical-stage oncology company developing novel
targeted therapies for RAS-addicted cancers. The company’s R&D
pipeline comprises RAS(ON) Inhibitors designed to suppress diverse
oncogenic variants of RAS proteins, and RAS Companion Inhibitors
for use in combination treatment strategies. The company’s RAS(ON)
Inhibitors RMC-6236 (RASMULTI), RMC-6291 (KRASG12C) and RMC-9805
(RASG12D) are currently in clinical development. Additional RAS(ON)
Inhibitors in the company’s pipeline include RMC-5127 (G12V),
RMC-0708 (Q61H) and RMC-8839 (G13C) which are currently in
IND-enabling development, and additional compounds targeting other
RAS variants.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Any statements in this press release
that are not historical facts may be considered "forward-looking
statements," including without limitation statements regarding the
expected net cash obtained in the acquisition of EQRx, the number
of shares to be issued in the acquisition of EQRx, the company’s
ability to make significant investments on behalf of its parallel
clinical development strategy, the company’s rapidly advancing
clinical programs and the potential to change the standard of care
for patients with RAS-addicted cancers. Forward-looking statements
are typically, but not always, identified by the use of words such
as "may," "will," "would," "believe," "intend," "plan,"
"anticipate," "estimate," "expect," and other similar terminology
indicating future results. Such forward-looking statements are
subject to substantial risks and uncertainties that could cause
actual results to differ materially from those anticipated in the
forward-looking statements. Such risks and uncertainties include
without limitation risks and uncertainties inherent in the drug
development process, including the company’s programs’ early stage
of development, the process of designing and conducting preclinical
and clinical trials, the regulatory approval processes, the timing
of regulatory filings, the challenges associated with manufacturing
drug products, the company’s ability to successfully establish,
protect and defend its intellectual property, other matters that
could affect the sufficiency of the company’s capital resources to
fund operations, reliance on third parties for manufacturing and
development efforts, changes in the competitive landscape, the risk
that the acquisition of EQRx may involve unexpected wind-down costs
and the effects on the company’s business of the COVID-19 pandemic
and other global events. For a further description of the risks and
uncertainties that could cause actual results to differ from those
anticipated in these forward-looking statements, as well as risks
relating to the business of Revolution Medicines in general, see
Revolution Medicines’ Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (the “SEC”) on November 6, 2023,
and its future periodic reports to be filed with the SEC. Except as
required by law, Revolution Medicines undertakes no obligation to
update any forward-looking statements to reflect new information,
events, or circumstances, or to reflect the occurrence of
unanticipated events.
Revolution Medicines Media & Investor Contact:
Erin Graves
650-779-0136
egraves@revmed.com
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