Revolution Medicines Regains Global Rights To Mid-Stage Cancer Program As Sanofi Terminates Collaboration

Revolution Medicines Inc RVMD announced that Sanofi SA SNY has terminated global SHP2 development and commercialization collaboration.
Following termination, Revolution Medicines will regain all global rights granted to Sanofi under the agreement, including decision-making regarding R&D and rights to all commercial proceeds from RMC-4630, an SHP2 inhibitor drug candidate in development for certain RAS-addicted cancers.
The companies plan to collaborate to transition Sanofi's rights and obligations related to RMC-4630 back to Revolution Medicines over the first half of 2023.
Revolution Medicines is enrolling patients in its global Phase 2 RMC-4630-03 trial assessing RMC-4630 in combination with Amgen Inc's AMGN Lumakras (sotorasib) in non-small cell lung cancer harboring KRASG12C mutation.
The company expects to provide topline data from this study in the second half of 2023.
With current cash, cash equivalents, and marketable securities, Revolution Medicines expects that it can fund planned operations through 2024.
The company is updating its projected FY22 2022 GAAP net loss of $(245)-$(265) million versus $(260)-$(280) million expected previously.
Price Action: RVMD shares closed lower by 1.43% at $24.15 on Wednesday.