Revolution Medicines, a Phase 1/2 oncology biotech developing RAS pathway inhibitors, raised the proposed deal size for its upcoming IPO on Tuesday.
The Redwood City, CA-based company now plans to raise $231 million by offering 14 million shares at a price range of $16 to $17. The company had previously filed to offer 10 million shares at a range of $14 to $16. At the midpoint of the revised range, Revolution Medicines will raise 54% more in proceeds than previously anticipated at a fully diluted market cap of $1 billion.
Revolution Medicines was founded in 2015 And booked $48 million in collaboration revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol RVMD. J.P. Morgan, Cowen, SVB Leerink and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of February 10, 2020.
