Revolution Medicines (RVMD) soared 10% on a report that AbbVie (ABBV) is in advanced talks to acquire the cancer-drug maker. AbbVie rose 4.5%,
It wasn’t known how much AbbVie may be paying for Revolution Medicines, according to a WSJ report on Wednesday, which cited people familiar with the matter. Revolution Medicines has a market value of about $16 billion.
A deal may happen soon, if talks don’t hit last-minute snags, according to the report.
Oncology peer Erasca (ERAS) jumped 27% in sympathy with news of the deal.