Revolution Medicines, a late-stage clinical oncology company developing targeted therapies for treating RAS-addicted cancers, is seeking to raise $2 billion through a follow-on stock offering of 10.56 million shares priced at $142 per share to raise $1.5 billion and $500 million in convertible senior notes due 2033. The company’s lead candidate is daraxonrasib, in Phase III development, for treating a certain form of metastatic pancreatic cancer. 

The company reported earlier this month (April 2026) favorable results for daraxonrasib, an oral drug, from a Phase III clinical trial. The company reported improvements in progression-free survival and overall survival (OS) compared with standard of care cytotoxic chemotherapy delivered intravenously. Daraxonrasib demonstrated a median OS of 13.2 months versus 6.7 months for chemotherapy and was generally well tolerated, with a manageable safety profile and with no new safety signals, according to the company. 

Pancreatic cancer is the most RAS-addicted of all major cancers, with more than 90% of patients harboring tumors driven by mutations in RAS proteins, according to information from the company. These mutations span a range of RAS variants that fuel aggressive tumor behavior. Daraxonrasib, a multi-selective inhibitor of RAS(ON) proteins, is an investigational agent in a class of RAS inhibitors designed to address a broad spectrum of oncogenic RAS drivers. 

The company said it will also seek US Food and Drug Administration (FDA) approval using a Commissioner’s National Priority Voucher, a new accelerated drug review pathway announced last June (June 2025) under a pilot program by FDA.  

Revolution Medicines estimates that the net proceeds from the common stock offering will be approximately $1.435 billion after deducting the underwriting discounts and commissions and estimated offering expenses and that the net proceeds from the note offering will be approximately $486.8 million after deducting the underwriting discounts and commissions and estimated offering expenses.

The company says it intends to use the net proceeds from the offerings for general corporate purposes, including research and development expenses, expenses relating to the potential commercialization of one or more of its product candidates, general and administrative expenses, and capital expenditures. 

Source: Revolution Medicines