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.
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.
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. GlobeNewswire
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.
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.
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