AbbVie is in advanced discussions to acquire Revolution Medicines, according to a report from The Wall Street Journal. Revolution Medicines specializes in developing novel targeted therapies for cancers driven by RAS mutations.
The potential deal aligns with AbbVie’s strategy to expand its presence in precision oncology.
Following the news, shares of Revolution Medicines surged over 20%. The potential acquisition also triggered positive momentum across the broader oncology biotech sector, with several of Revolution Medicines' peers seeing substantial gains. Financial terms of the potential deal remain undisclosed.