New York, January 9, 2026, 17:15 ET — After-hours
- RVMD rose about 11% in extended trade, after a volatile session
- Financial Times reported Merck in talks for a $28 billion to $32 billion deal
- FDA granted Breakthrough Therapy designation to Revolution’s zoldonrasib; investors eye Jan. 12 conference remarks
Revolution Medicines shares jumped 10.7% to $118.64 in after-hours trading on Friday, after the Financial Times reported Merck was in advanced talks to buy the cancer-drug developer for $28 billion to $32 billion. The stock swung between $109.88 and $125.79 in the session on volume of about 20.6 million shares. (Financial Times)
The report lands as healthcare executives and bankers head to San Francisco for the annual J.P. Morgan Healthcare Conference, a dealmaking magnet that often sets the tone for the year. “Deals … could have had more regulatory risk in the past,” JPMorgan banker Jeremy Meilman said. (Reuters)
Merck is looking to bolster its oncology pipeline as patents on its blockbuster Keytruda approach expiry later this decade, Reuters reported. A deal for Revolution would give it a shot at daraxonrasib, a late-stage experimental drug aimed at RAS mutations, and Mizuho analysts see more than $10 billion in risk-adjusted sales by 2035 (a forecast that factors in the odds the drugs reach market). (Reuters)
Revolution also drew attention on Thursday after it said the U.S. FDA granted Breakthrough Therapy designation to zoldonrasib in previously treated KRAS G12D-mutated non-small cell lung cancer (NSCLC), adding a fresh regulatory marker to its RAS drug franchise. Chief executive Mark A. Goldsmith said the designation “underscores the significant unmet need” in KRAS G12D cancers, which have no approved targeted therapies. (Stock Titan)
Breakthrough Therapy designation is meant to speed development and review of drugs for serious illnesses when early clinical evidence suggests a substantial improvement over available therapy, the FDA says. It can tighten the back-and-forth with regulators, but it does not guarantee approval. (U.S. Food and Drug Administration)
The Wall Street Journal said Merck’s discussions could lead to a deal later this month, though it cautioned that negotiations can still break down. For RVMD holders, any on-the-record comment from Merck or Revolution could swing the stock again. (Wall Street Journal)
Revolution is scheduled to present at the conference on Jan. 12 at 10:30 a.m. PT, and the company said the webcast replay would stay up for at least 14 days. That slot now doubles as a checkpoint for any update on deal chatter and for how it frames the zoldonrasib path. (Stock Titan)
But RVMD is trading on headlines in a market that can turn quickly. If negotiations stall, or if fresh trial data disappoint, the stock could give back this week’s gains.
Near-term, traders are watching support around $110 and resistance near $126, Friday’s low and high.
Beyond the conference, the next calendar marker is quarterly results; Nasdaq shows an estimated report date of Feb. 25. Until then, RVMD is likely to stay pinned to two things: any hard news on Merck and the pace of updates across its RAS programs. (Nasdaq)
