Revolution Medicines (RVMD) IPO Opens 66% Higher

Today's IPO for Revolution Medicines, Inc. (NASDAQ: RVMD) opened for trading at $28.21 after pricing 14,000,000 shares of common stock at a public offering price of $17.00 per share, before underwriting discounts and commissions.

In addition, Revolution Medicines has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissionsJ.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities acted as joint book-running managers for the offering.

Revolution Medicines 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, with particular emphasis on RAS and mTOR signaling pathways. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.

The company’s pipeline includes RMC-4630, a clinical-stage drug candidate that is designed to selectively inhibit the activity of SHP2. Additionally, the company is developing a broad portfolio of inhibitors of other key frontier oncology targets within the notorious RAS pathway, as well as the related mTOR signaling cascade. These include inhibitors of multiple mutant RAS proteins and SOS1, as well as RMC-5552, a development candidate within the company’s 4EBP1/mTORC1 program currently in IND-enabling studies.

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