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

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.

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