BRIEF—Merck & Co reportedly planning buy of Revolution Medicines
Shares of US cancer drug Revolution Medicines, with a market capitalization of more than $20 billion, rose nearly 29% following reports of a buyout from US pharma giant Merck & Co.
A price tag of $28 billion to $32 billion was being discussed as part of negotiations, according to media reports. That would mark the biggest healthcare deal in at least two years since Pfizer’s $43 billion takeover of cancer biotech Seagen.
Merck has been on a buying spree to fill an impending revenue hole when blockbuster cancer treatment Keytruda (pembrolizumab) begins to lose patent protection in 2028. Last year, it struck a $10 billion deal for respiratory drugmaker Verona Pharma and acquired flu prevention biotech Cidara Therapeutics for $9.2 billion.
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