AbbVie Inches Closer to Buying Revolution Medicines

NEW YORK, NY — AbbVie is reportedly in advanced negotiations to acquire Revolution Medicines, a company focused on developing cancer therapies, according to a report from the Wall Street Journal on January 7. The information came from sources familiar with the discussions.

Following the news, shares of Revolution Medicines surged nearly 30%, while AbbVie’s stock rose over 5%. This potential acquisition comes as AbbVie aims to bolster its growth after the patent expiration of its key arthritis drug, Humira.

The Wall Street Journal noted that a deal could finalize soon, provided there are no unexpected last-minute hurdles. Although the report did not reveal any specific deal value, Revolution Medicines has a market capitalization exceeding $15.4 billion. Considering typical acquisition premiums, the company could be valued at around $20 billion.

Neither AbbVie nor Revolution Medicines responded immediately to requests for comment from Reuters.