Merck drops talks to acquire Revolution Medicines
Merck is reportedly no longer in discussions to acquire cancer drug developer Revolution Medicines.
Negotiations cooled after the two sides failed to agree on valuation, according to people familiar with the matter, News.Az reports, citing The Wall Street Journal.
The newspaper added that talks could potentially resume at a later stage, or that another bidder for Revolution Medicines could still emerge.
Neither Merck nor Revolution Medicines immediately responded to requests for comment from Reuters outside regular business hours.
In market reaction, Merck shares edged higher in premarket trading on Monday, while Revolution Medicines’ stock fell about 24% before the opening bell.
Earlier this month, the Financial Times reported that Merck was in talks to acquire Revolution Medicines in a transaction valued between $28 billion and $32 billion.
A potential acquisition would have given Merck access to Revolution’s experimental cancer drug daraxonrasib, which is currently in late-stage clinical trials and has received a fast-track review voucher from the U.S. Food and Drug Administration.
Revolution Medicines currently has a market capitalization of approximately $22.7 billion, according to data from LSEG.
By Nijat Babayev
Similar news
