AbbVie denies media reports of talks to buy Revolution Medicines

By Puyaan Singh

Jan 7 (Reuters) – AbbVie on Wednesday denied it was in talks to buy Revolution Medicines after the Wall Street Journal reported the drugmaker was in advanced discussions to acquire the cancer-drug developer.

The company “is not in discussions with Revolution Medicines,” AbbVie said in an emailed statement to Reuters.

Shares of Revolution were down 11.5% in extended trading, following AbbVie’s response. It had closed nearly 30% higher.

AbbVie shares were down 1% in extended trading, after closing 4% higher.

Revolution Medicines said it does not comment on rumors or speculation as a matter of company policy.

The report did not include a deal value, but the biotech has a market value of over $15.4 billion as of the stock’s close on Tuesday.

Including a typical premium, Revolution could be valued at about $20 billion or more, the WSJ reported/

Separately, AbbVie cut its 2025 profit forecast after flagging an expected $1.3 billion charge tied to in-process research and development expenses in the fourth quarter.

Including the charge, AbbVie now expects full-year adjusted earnings per share of $9.90 to $9.94, compared with its prior range of $10.61 to $10.65.

AbbVie has spent more than $20 billion on acquisitions since 2023 to drive growth as its flagship rheumatoid arthritis treatment, Humira, lost patent protection.

(Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona and Tasim Zahid)