Revolution Medicines looks to raise $230M in new public offering
After its IPO almost two and a half years ago, a California biotech is gathering up more financing.
Targeted oncology biotech Revolution Medicines put out word Tuesday that it opened up an underwritten public offering, originally slated to be worth $200 million before upsizing it to $230 million. It is offering 11.5 million shares at $20 apiece. The offering is expected to close Friday.
Investors didn’t react too warmly to the news as the biotech’s stock price $RVMD opened Wednesday down 14%, but has rebounded slightly after the morning bell. Revolution did not immediately respond to requests for comment from Endpoints News. The biotech originally raised $238 million when it went public via IPO in early 2020, debuting at a $17 share price.
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