Revolution Medicines Raises $260.9 Million In Upsized Offering

Revolution Medicines Inc (NASDAQ: RVMD) has priced its upsized underwritten public offering of around 5.8 million common shares at $45 per share, equivalent to gross proceeds of $260.9 million. Previously, the company had offered to sell 4 million shares.
Underwriters have an option to purchase up to an additional 869.5 thousand shares, compared to 600 thousand shares announced earlier.
RVMD expects the offering to close on February 8.
The company intends to use the proceeds to advance specific RAS(ON) inhibitor programs, and the company hopes to advance its RMC-6236 and RMC-6291 into clinical development, as well as make forward progress on its RAS companion inhibitor programs, as well as capital expenditures and operating costs.
Have a look at the details here.
Price Action: RVMD shares are up marginally by 0.56% at $46.97 in the pre-market session on the last check Thursday.