After five years and a few pivots, this company is shooting for a $1 billion valuation
Revolution Medicines began its life 2014 with $45 million and a plan to turn naturally occurring compounds into drugs for fungal and bacterial infections. About a year later, the company abandoned infectious disease and delved into oncology, raising another $175 million or so and buying the flagging Warp Drive Bio to pad its pipeline.
Now, with a single cancer treatment in human trials and a handful yet to be tested in animals, Revolution is aiming for a roughly $1 billion valuation. The company is expected to pull off an IPO this week that would raise more than $200 million, selling 14 million shares at $17 each.
Just how that IPO fares will be an interesting test case of investor sentiment for biotech in 2020. Pre-election anxiety led to a record number of follow-on stock offerings in the early weeks of the year, creating a glut of investable supply that threatens to outpace market demand.
Now, with a single cancer treatment in human trials and a handful yet to be tested in animals, Revolution is aiming for a roughly $1 billion valuation. The company is expected to pull off an IPO this week that would raise more than $200 million, selling 14 million shares at $17 each.
Just how that IPO fares will be an interesting test case of investor sentiment for biotech in 2020. Pre-election anxiety led to a record number of follow-on stock offerings in the early weeks of the year, creating a glut of investable supply that threatens to outpace market demand.
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