EQRX - Revolution Medicines will buy EQRx in an all-stock transaction

2023-08-01 08:32:02 ET

A clinical-stage oncology company, Revolution Medicines ( NASDAQ: RVMD ) plans to acquire EQRx ( NASDAQ: EQRX ) in an all-stock transaction intended to add more than $1B in net cash to Revolution Medicines’ balance sheet.

The deal, which was overseen by independent committees of Revolution Medicines’  ( RVMD ) and EQRx’s ( EQRX ) respective boards of directors, has been approved by the directors of each company.

Specifically, at closing, EQRx ( EQRX ) stockholders will receive the number of shares of Revolution Medicines ( RVMD ) stock equal to the sum of ~7.69M Revolution Medicines shares plus a number of shares equal to $870M divided by a price that is a 6% discount to the 5-day volume-weighted average Revolution Medicines share price measured in close proximity to the stockholder vote.

The transaction is expected to close in November 2023.

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