Revolution Medicines to acquire EQRx
US drugmaker EQRx (Nasdaq: EQRX), founded on the principle of developing and delivering innovative medicines to patients at radically lower prices, saw its share price leap more than 19% to $2.04 by mid-morning (having hit a high of $2.22), on news of a takeover bid.
Clinical-stage oncology drug developer Revolution Medicines (Nasdaq: RVMD) came to EQRx’ rescue with a plan to acquire the company in an all-stock transaction.
The transaction is intended to add more than $1 billion in net cash to Revolution Medicines’ balance sheet and reinforce and sustain the latter’s parallel development approach for its extensive RAS(ON) Inhibitor pipeline in multiple RAS-driven cancers.
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