Revolution Medicines is raising $2 billion in a stock offering priced at $142 per share, up from the $1 billion it announced Monday, hours after reporting Phase 3 results in pancreatic cancer.
The pricing carries a 48% premium to Revolution’s pre-readout level of around $96. The RASolute 302 readout sent shares up 40% to $152.54, so at $142, investors are buying at a 7% discount to the post-data close. More than 10.5 million new shares hit the market by end of week.
In RASolute 302, daraxonrasib, Revolution’s RAS blocker, delivered overall survival of 13.2 months in pancreatic ductal adenocarcinoma. Comparators on chemotherapy managed 6.7 months. That’s the kind of OS delta that doesn’t just move a stock price — it determines what a drug can charge.
What does the buyer actually get? Stifel thinks the OS benefit justifies a monthly list price of $30,547 to $37,318 for a course of daraxonrasib, translating to per-patient revenue of $237,556 to $269,051. “OS is the main monthly-price driver here,” Stifel told investors Tuesday, and the newly disclosed survival benefit is why daraxonrasib now sits in a more clearly premium pricing corridor. Revolution plans to submit the data to the FDA and pursue global regulatory filings.
The offering closes by end of week. Revolution will then have $2 billion and a single pivotal dataset. Whether that’s enough to keep the stock above its $142 offering price is the question investors are answering right now.
Diana Kowalski