New York, Jan 7, 2026, 16:14 (EST)
- AbbVie is in advanced talks to buy cancer-drug developer Revolution Medicines, the Wall Street Journal reported.
- Revolution shares jumped nearly 30% on the report; AbbVie stock rose more than 5%.
- The deal could value Revolution at about $20 billion or more, the report said.
AbbVie (ABBV.N) is in advanced talks to buy cancer-drug developer Revolution Medicines (RVMD.O), the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Revolution shares jumped nearly 30% after the report, while AbbVie rose more than 5%. 1
For AbbVie, a takeover would also sharpen its push to add new growth drivers as its former blockbuster Humira faces steeper competition after patent protection ended. It would put AbbVie deeper into oncology at a time when big drugmakers are still paying up for late-stage cancer assets. 2
The Journal did not disclose terms, but said Revolution’s market value of roughly $16 billion could translate into a price tag of about $20 billion or more with a typical takeover premium. Bloomberg also reported AbbVie was close to a deal, citing the Journal. 3
Revolution, based in Redwood City, California, has been building a pipeline around RAS — a family of proteins that can act like a stuck “grow” switch in tumours when mutated. In a Jan. 5 release, it listed daraxonrasib (RMC-6236) and several other “RAS(ON)” inhibitors in clinical development, a shorthand for drugs designed to shut down the active form of the RAS protein. https://www.globenewswire.com/news-release/2026/01/05/3213200/0/en/Revolution-Medicines-to-Present-at-44th-Annual-J-P-Morgan-Healthcare-Conference.html
The company has been testing daraxonrasib in pancreatic cancer, among other tumours. “RMC-6236 is designed to directly inhibit RAS(ON) signaling,” chief executive Mark A. Goldsmith said in a 2024 update as the company dosed its first patient in RASolute 302, a Phase 3 trial — the late-stage studies typically used to support regulatory filings. 4
In December, Revolution said it randomized the first patient in RASolute 304, another Phase 3 trial, in resectable pancreatic cancer, with plans to enroll about 500 patients. “This trial enables us to investigate daraxonrasib even earlier,” chief development officer Alan Sandler said in the statement. 5
A deal would also land AbbVie in a crowded race to drug RAS mutations, including KRAS G12C, where Amgen’s Lumakras and Mirati’s Krazati have already won U.S. accelerated approvals in lung cancer. Revolution’s pipeline includes elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor, as it tries to carve out room in the class. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-sotorasib-kras-g12c-mutated-nsclc 6
AbbVie has leaned on dealmaking to broaden its pipeline, buying Cerevel Therapeutics, ImmunoGen and Aliada in 2024 through transactions worth more than $20 billion in total, Reuters reported last year. AbbVie’s oncology portfolio generated $1.682 billion in global net revenues in the third quarter of 2025, led by Imbruvica and Venclexta, the company said. https://www.reuters.com/business/healthcare-pharmaceuticals/abbvie-cuts-2024-profit-forecast-acquisition-expenses-2025-01-06/ 7
Still, talks can break down, and a roughly $20 billion price would be a heavy wager on drugs that are still in trials and carry the usual late-stage risk of failure, delays or side effects that narrow use. If rivals move faster, or if trial results fall short, AbbVie could be left explaining a big premium paid for a pipeline that takes longer to turn into revenue.
AbbVie and Revolution did not immediately respond to requests for comment on the reported talks.
