Revolution Medicines (RVMD) Dives 16.9% as Merck Withdraws Takeover Plan

Revolution Medicines fell sharply connected Monday, losing 16.91 percent to adjacent astatine $97.78 apiece, arsenic investors unloaded portfolios pursuing quality that pharmaceutical elephantine Merck had cancelled ongoing negotiations for its projected acquisition of the company.

According to a study by the Wall Street Journal, Merck decided to terminate talks aft failing to hold connected a valuation. Merck had been looking to instrumentality implicit the institution for $28 cardinal to $32 billion.

Revolution Medicines Inc. (NASDAQ:RVMD) is advancing a pipeline of experimental medicines targeting RAS, a cardinal molecular operator successful hard-to-treat cancers.

Earlier this month, Revolution Medicines Inc. (NASDAQ:RVMD) secured a breakthrough designation from the Food and Drug Administration (FDA) for its RAS(ON) G12D-selective inhibitor, zoldonrasib, for the attraction of big patients with KRAS G12D-mutated locally precocious oregon metastatic NSCLC who person been antecedently treated with anti-PD-1/PD-L1 therapy and platinum-based chemotherapy.

The Breakthrough Therapy Designation is based connected information from the monotherapy cohort of the Phase 1 RMC-9805-001 objective proceedings evaluating zoldonrasib successful patients with precocious KRAS G12D coagulated tumors. Results from the monotherapy cohort of the proceedings person demonstrated a robust objective profile, including encouraging antitumor enactment and acceptable information and tolerability.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.