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Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Revolution Medicines Stockholders Vote “FOR” Proposed Acquisition of EQRx, Inc.
Revolution Medicines Also Announces the Final Exchange Ratio of 0.1112 REDWOOD CITY, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc.
About this update from Revolution Medicines, Inc.
[{"type":"text","content":"Revolution Medicines Also Announces the Final Exchange Ratio of 0.1112\nREDWOOD CITY, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for RAS-addicted cancers, today announced that leading independent proxy advisory firms, Institutional Shareholder Services Inc. (\"ISS\") and Glass Lewis & Co. (\"Glass Lewis\"), have recommended Revolution Medicines stockholders vote “FOR” the issuance of Revolution Medicines shares in the previously announced all-stock acquisition of EQRx, Inc. at the special meeting of stockholders scheduled for November 8, 2023. In their respective reports, ISS and Glass Lewis view the proposed transaction as favorable to Revolution Medicines stockholders. The acquisition will add the significant cash resources held by EQRx and strengthen Revolution Medicines’ balance sheet, allowing the company to sustain and retain control of its research and development plans for its RAS(ON) Inhibitor pipeline. \"We are pleased that ISS and Glass Lewis support our proposed acquisition of EQRx and the significant long-term value opportunity this compelling transaction provides to our stockholders,” said Mark A. Goldsmith, M.D., Ph.D., Revolution Medicines, chief executive officer and chairman. “The addition of approximately $1.1 billion to our balance sheet will increase our financial strength and enable robust investments to advance the clinical development of RMC-6236, our RASMULTI(ON) Inhibitor, RMC-6291, our RASG12C(ON) Inhibitor, and RMC-9805, our RASG12D(ON) Inhibitor. This transaction will also increase our capacity to develop our growing RAS(ON) Inhibitor pipeline in order to deliver high-impact targeted medicines to an even larger range of patients with RAS-addicted cancers.” The company also today announced the final exchange ratio for the EQRx acquisition. Each share of common stock of EQRx issued and outstanding immediately prior to the merger will be converted into the right to receive 0.1112 shares of common stock of Revolution Medicines. If the transaction is completed, Revolution Medicines expects to issue approximately 55 million shares of its common stock in connection with the merger (excluding assumed warrants and earn-out shares). No fractional shares will be issued and EQRx stockholders will receive cas...