Benzinga | Feb 4, 2021 07:54AM EST

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.