New York, Jan 9, 2026, 13:59 EST — Regular session
- Revolution Medicines shares rose as takeover chatter around Merck kept trading choppy
- A report pegged talks in a $28 billion to $32 billion range, though no deal is signed
- FDA granted Breakthrough Therapy designation for one of Revolution’s KRAS cancer drugs
Shares of Revolution Medicines climbed on Friday as investors weighed a report that Merck is in talks to buy the cancer-drug developer for up to $32 billion. Revolution was up about 4.3% at $112.00, after touching $125.79 earlier in the session. 1
The chatter matters because Merck is hunting for oncology assets ahead of looming patent expirations on its blockbuster Keytruda, and dealmakers have been leaning harder into biotech after a busy year for healthcare M&A. A Revolution deal at that size would be one of the biggest pre-commercial biotech takeouts in years, if it gets done. 2
Revolution also handed bulls fresh talking points this week, saying the U.S. Food and Drug Administration granted Breakthrough Therapy designation to zoldonrasib for a form of lung cancer driven by a KRAS G12D mutation. “This recognition … underscores the significant unmet need,” CEO Mark A. Goldsmith said, calling out the lack of approved targeted therapies for KRAS G12D cancers. 3
Still, the deal tape has been messy. AbbVie denied it was in discussions to buy Revolution after a Wall Street Journal report, and Revolution said it does not comment on rumors or speculation as a matter of policy. 4
Friday’s trade showed the same kind of whipsaw. The stock opened at $120, slipped toward $110 and then bounced, leaving a wide band for traders watching where it settles when the headlines quiet down.
The risk is obvious: talks can drag, leak, or die. If there is no offer — or if terms disappoint — a stock that has run hard on speculation can give back gains quickly, especially for a company whose value still rests on clinical trial readouts and regulators’ next decisions.
Investors now watch for any formal comment, a rival bid, or signs the parties have moved into exclusivity. Another near-term marker is Goldsmith’s scheduled appearance at the J.P. Morgan Healthcare Conference on Monday, Jan. 12, at 10:30 a.m. PT. 5
