Revolution Medicines, Inc. (NASDAQ:RVMD), a late-stage clinical oncology firm focused on targeted treatments for RAS-driven cancers, announced today a strategic partnership with Royalty Pharma, securing up to $2 billion in flexible capital. This funding is intended to support Revolution Medicines’ independent global development and commercialization efforts. The company will maintain full strategic and operational control over its RAS(ON) inhibitor portfolio in both the U.S. and international markets, allowing it to capitalize on its assets and momentum to set new standards of care while maximizing shareholder value.
“Today’s announcement represents a major boost to our bold vision on behalf of patients with RAS-addicted cancers,” stated Mark A. Goldsmith M.D., Ph.D., CEO and Chairman of Revolution Medicines. “This funding agreement significantly increases the financial resources we can deploy while preserving optionality as we scale our operations to create the industry-leading global targeted medicines franchise for patients with RAS-addicted cancers based on our highly differentiated RAS(ON) inhibitor portfolio.”
Pablo Legorreta, founder and CEO of Royalty Pharma, added, “We are excited to announce today a groundbreaking partnership that provides Revolution Medicines with up to $2 billion of long-term capital through a customized funding solution that facilitates the expansive development and global commercialization of its leading RAS(ON) inhibitor portfolio. This partnership exemplifies a new funding paradigm for highly innovative biotech companies. In contrast to a conventional pharma partnership, this large scale and flexible funding agreement enables Revolution Medicines to retain control of the clinical development of daraxonrasib, as well as the ability to capture significant value creation that would result from the successful clinical development and commercialization of its pipeline.”