New York, January 10, 2026, 20:11 EST — The market has closed.
Revolution Medicines (RVMD.O) wrapped up Friday with a 10.7% gain, closing at $118.64. The cancer-drug developer remains in focus amid ongoing takeover buzz heading into next week. Shares fluctuated between $109.88 and $125.79, with roughly 20.8 million shares changing hands.
Why this matters now: Dealmakers have flocked to San Francisco for the J.P. Morgan Healthcare Conference, where big pharma is hunting for growth and bankers are pitching bigger targets once again. Jeremy Meilman from JPMorgan noted that some deals moving forward “could have had more regulatory risk in the past.” Meanwhile, speculation around Revolution helped push its market value to around $20 billion, Reuters reported. 1
The latest surge stems from fresh buyout chatter: the Financial Times reported Thursday that Merck (MRK.N) is in discussions to acquire Revolution for $28 billion to $32 billion. Reuters added that the deal isn’t set in stone and could drag on for weeks, with other bidders also interested. It highlighted that such a merger would mark the biggest pharma acquisition in nearly three years since Pfizer’s purchase of Seagen. Mizuho analysts forecast more than $10 billion in risk-adjusted sales by 2035 from Revolution’s RAS inhibitor lineup. 2
The rollercoaster began earlier this week when the Wall Street Journal reported AbbVie (ABBV.N) was deep in talks to acquire Revolution. AbbVie quickly shot down the claim, telling Reuters it was “not in discussions with Revolution Medicines.” Revolution, meanwhile, declined to comment on the rumors. After the denial, Revolution’s shares plunged 11.5% in after-hours trading, erasing much of the nearly 30% gain they posted during the regular session. 3
Revolution announced Thursday that the U.S. FDA granted Breakthrough Therapy designation to zoldonrasib for certain previously treated patients with KRAS G12D-mutated non-small cell lung cancer. Goldsmith highlighted that this designation “underscores the significant unmet need” in KRAS G12D cancers, which “lack any approved targeted therapies.” It’s important to note that Breakthrough Therapy is an FDA fast-track status aimed at speeding development and review—it’s not an approval. 4
A separate filing revealed insider selling amid the move. COO Margaret A. Horn exercised options for 75,000 shares on Jan. 7 and sold the same amount within that period, fetching prices between $100 and $103. After the transactions, she held 141,053 shares. The filing noted these trades were executed under a Rule 10b5-1 plan, a prearranged trading strategy. 5
The trade that moves quickest is often the easiest. Should negotiations falter or a bidder drop out, that premium could vanish in a flash. On top of that, investors must still weigh the standard biotech risks — trial execution, safety concerns, and whether early data stands up in bigger trials.
U.S. markets are closed for the weekend, so RVMD’s next hurdle is whether new headlines emerge as conference week kicks off—or if silence prevails. Sometimes, no news on a Monday moves the needle just as much.
Revolution will present at the J.P. Morgan Healthcare Conference on Monday, January 12, at 10:30 a.m. PT, the company announced. Traders are keen to catch any updates on deal activity, financing strategies, or upcoming trial schedules. 6
