Revolution Medicines, a US-based cancer treatment developer backed by pharmaceutical firm Sanofi, has filed for a $100m initial public offering on the Nasdaq Global Market.
Terms for the proposed offering have not yet been set.
Founded in 2014, Revolution Medicines is developing small molecule drugs for a range of cancers, with a focus on indications that currently lack a treatment or that where existing therapies are not able to fully inhibit all factors contributing to cancer growth.
The company’s lead asset, RMC-4630, targets a cell-growth modulating protein known as SHP2 with the aim of treating multiple cancer indications. The candidate is being developed in collaboration with Sanofi and is currently undergoing phase 1/2 trials.
Revolution was established by biotech company builder Third Rock Ventures and co-founded by Martin Burke from University of Illinois at Urbana-Champaign, Michael Fischbach from Stanford University and Kevan Shokat from University of California, Berkeley.
Sanofi obtained series B shares in Revolution Medicines when the latter acquired US-based genomic medicine developer Warp Drive Bio, which was co-founded by Sanofi, in an all-share deal in 2018.
Tavistock Group’s Boxer Capital unit led a $100m series C round in July 2019, with participation from Third Rock, Deerfield Management, Cormorant Capital, Fidelity Management & Research Company, Vivo Capital and Biotechnology Value Fund.
Nextech Invest, Schroder Adveq, Column Group and Casdin Capital filled out the series C round.
The company previously collected $56m in a series B round led by Nextech, with commitments from Casdin Capital, Schroder Adveq, Third Rock, Column Group and undisclosed institutional backers.
Third Rock Ventures and Column Group supplied $25m in a series A extension in 2016, adding to an original $45m series A tranche from Third Rock the previous year.
Proceeds from the offering will fund the company’s share of its research collaboration with Sanofi and allow it to advance its pipeline, including the completion of multiple investigational new drug studies.
Sanofi currently owns a 7.8% stake in Revolution Medicines through its Sanofi Research Invest unit, while Third Rock is the largest shareholder with 28.8%, followed by Column Group with 18.6%. President and CEO Mark Goldsmith owns a 5% stake.
JP Morgan Securities, Cowen and Company, SVB Leerink and Guggenheim Securities are serving as joint book-running managers for the proposed offering.
