Latham & Watkins Advises Revolution Medicines in Upsized US$750 Million Public Offering of Common Stock and Pre-Funded Warrants

Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for patients with RAS-addicted cancers, has announced the pricing of 14,130,436 shares of its common stock at a public offering price of US$46 per share, before underwriting discounts and commissions, and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 2,173,917 shares of common stock at a public offering price of US$45.9999, which represents the per share public offering price for the common stock less the US$0.0001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants in the offering are to be sold by Revolution Medicines. In addition, Revolution Medicines has granted the underwriters a 30-day option to purchase up to an additional 2,445,652 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately US$750 million before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. The offering is expected to close on December 5, 2024, subject to customary closing conditions.

Latham & Watkins LLP represented Revolution Medicines in the transaction with a corporate team led by Bay Area partners Mark Roeder and John Williams, with associates Zuza Gruca, and Lexi Zintel. Advice was also provided on regulatory matters by Washington, D.C. partners John Manthei and Elizabeth Richards, Bay Area partners Heather Deixler and Betty Pang, with associates Nathan Beaton, Leia Gu, and Evan Miller; on tax matters by Bay Area partner Grace Lee, with associates Derek Gumm and Rasha Suleiman; and on intellectual property matters by San Diego partner Christopher Hazuka, with associates Robert Yeh and Patrick Chew.