Revolution Medicines a clinical-stage oncology company focused on developing therapies for RAS-addicted cancers, has announced the pricing of its upsized public offering. The offering consists of 14,130,436 shares of common stock at a public offering price of $46.00 per share and pre-funded warrants for 2,173,917 shares at $45.9999 per warrant. The pre-funded warrants offer an exercise price of $0.0001 per share, and all shares and warrants in the offering are being sold by Revolution Medicines.
The company has also granted underwriters a 30-day option to purchase an additional 2,445,652 shares of common stock at the public offering price, less underwriting discounts and commissions. Gross proceeds from the offering are expected to total approximately $750 million before deducting underwriting discounts, commissions, and other offering expenses. This total does not include potential proceeds from the exercise of the underwriters’ option or the exercise of pre-funded warrants.
Key Offering Details
- Stock Pricing: $46.00 per share
- Pre-Funded Warrants: $45.9999 per warrant, with a $0.0001 exercise price
- Total Expected Gross Proceeds: Approximately $750 million (excluding additional options or warrant exercises)
- Underwriter Option: 30 days to purchase up to an additional 2,445,652 shares
The offering is set to close on December 5, 2024, subject to customary closing conditions.
Joint Book-Running Managers and Lead Manager
J.P. Morgan, TD Cowen, Goldman Sachs & Co. LLC, and Guggenheim Securities are acting as joint book-running managers for the offering. UBS Investment Bank is serving as the lead manager.
Regulatory Filings and Prospectus Availability
A shelf registration statement for these securities was filed with the U.S. Securities and Exchange Commission (SEC) on March 4, 2024, and became effective upon filing. The offering is being conducted exclusively via a prospectus.
Interested parties can access the final prospectus supplement and accompanying prospectus free of charge by visiting the SEC’s EDGAR database at www.sec.gov. Copies can also be requested directly from the joint book-running managers:
- J.P. Morgan Securities LLC: Contact Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York 11717, via email at [email protected].
- TD Securities (USA) LLC: Located at 1 Vanderbilt Avenue, New York, NY 10017, reachable by phone at (855) 495-9846 or by email at [email protected].
- Goldman Sachs & Co. LLC: Contact the Prospectus Department at 200 West Street, New York, NY 10282, by phone at (866) 471-2526, or email [email protected].
- Guggenheim Securities, LLC: Reach the Equity Syndicate Department at 330 Madison Avenue, 8th Floor, New York, NY 10017, by phone at (212) 518-9544 or via email at [email protected].
Legal Disclaimer
This announcement is not an offer to sell or a solicitation of an offer to buy these securities. No sale will be made in jurisdictions where such actions are prohibited under applicable securities laws.
