Revolution Medicines (RVMD) Dives 16.9% as Merck Withdraws Takeover Plan

We recently published 10 Big Names Stumbling Hard. Revolution Medicines Inc. (NASDAQ:RVMD) was one of the worst performers on Monday.

Revolution Medicines fell sharply on Monday, losing 16.91 percent to close at $97.78 apiece, as investors unloaded portfolios following news that pharmaceutical giant Merck had cancelled ongoing negotiations for its proposed acquisition of the company.

According to a report by the Wall Street Journal, Merck decided to terminate talks after failing to agree on a valuation. Merck had been looking to take over the company for $28 billion to $32 billion.

Revolution Medicines Inc. (NASDAQ:RVMD) is advancing a pipeline of experimental medicines targeting RAS, a key molecular driver in hard-to-treat cancers.

Earlier this month, Revolution Medicines Inc. (NASDAQ:RVMD) secured a breakthrough designation from the Food and Drug Administration (FDA) for its RAS(ON) G12D-selective inhibitor, zoldonrasib, for the treatment of adult patients with KRAS G12D-mutated locally advanced or metastatic NSCLC who have been previously treated with anti-PD-1/PD-L1 therapy and platinum-based chemotherapy.

The Breakthrough Therapy Designation is based on data from the monotherapy cohort of the Phase 1 RMC-9805-001 clinical trial evaluating zoldonrasib in patients with advanced KRAS G12D solid tumors. Results from the monotherapy cohort of the trial have demonstrated a robust clinical profile, including encouraging antitumor activity and acceptable safety and tolerability.

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Disclosure: None. This article is originally published at Insider Monkey.