Latham & Watkins Advises Revolution Medicines on US$2 Billion Concurrent Upsized Offerings of Common Stock and Convertible Senior Notes

Revolution Medicines, a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, has announced the pricing of its concurrent public offerings of 10,563,381 shares of common stock, at a public offering price of US$142 per share, for aggregate gross proceeds of approximately US$1.5 billion, and US$500 million aggregate principal amount of 0.50% convertible senior notes due 2033. The offering size of the common stock offering was increased from the previously announced offering size of US$750 million, and the offering size of the note offering was increased from the previously announced offering size of US$250 million. The issuance and sale of the common stock and the notes are scheduled to settle on April 16, 2026, and April 17, 2026, respectively, subject to customary closing conditions. Revolution Medicines also granted the underwriters of the common stock offering a 30-day option to purchase up to an additional 1,584,506 shares of common stock. The completion of the common stock offering will not be contingent on the completion of the note offering, and the completion of the note offering will not be contingent on the completion of the common stock offering.

Latham & Watkins LLP represented the Revolution Medicines in the transaction with a corporate team led by Bay Area partners Mark Roeder and John Williams, with associates Sheen Moaleman, Abby Johnson, Chloe Barr, Bridget Carmody, and Megan Fitchen. Advice was also provided on convertible notes matters by Los Angeles partners Greg Rodgers and Arash Aminian Baghai, with associates Andrew Bentz and Steve Hess; on tax matters by New York partner Aaron Bernstein, with associate Jack Santoro; on compensation and benefits matters by Bay Area partner James Metz; on intellectual property matters by Bay Area partner Kate Hillier; on privacy and cybersecurity matters by Bay Area partner Heather Deixler; and on FDA matters by Washington, D.C. partner Nathan Beaton and Bay Area partner Betty Pang.