Revolution Medicines to acquire EQRx in stock deal valued at ~$1.07B; pipeline updates and FY2023 guidance

Revolution Medicines, Inc.

Merger consideration: $200M fixed (7.69M shares) plus $870M based on pre-meeting VWAP with 6% discount; expected close Nov 2023.
Voting agreements secured with >40% of EQRx shares and ~8% of RVMD shares to support the transaction.
Company confirms FY2023 GAAP net loss guidance of $360M-$400M, inclusive of $40M-$50M stock-based compensation.
Pipeline updates: RMC-6236 clinical data in NSCLC/pancreatic cancer expected Oct 2023; planning pivotal trials for 2024.
Post-merger, company will not advance EQRx pipeline; EQRx programs to be wound down and IP returned to partners.

item 1.01 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Revolution Medicines, Inc. entered into Agreement and Plan of Merger with EQRx, Inc. (effective 2023-07-31).

Action: entry
Agreement: merger
Counterparty: EQRx, Inc.
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, Revolution Medicines, Inc., a Delaware corporation (the “Company”), EQRx, Inc., a Delaware corporation (“EQRx”), Equinox Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub I”), and Equinox Merger Sub II LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company (“Merger Sub II”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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Revolution Medicines, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-199907

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