Business
Revolution Medicines to Regain Global Rights to RMC-4630 following Sanofi’s Termination of SHP2 Inhibitor Development and Commercialization Collaboration
Conduct and timing of ongoing Phase 2 study evaluating RMC-4630 in combination with sotorasib is expected to be unaffected REDWOOD CITY, Calif., Dec. 07, 2022
About this update from Revolution Medicines, Inc.
[{"type":"text","content":"Conduct and timing of ongoing Phase 2 study evaluating RMC-4630 in combination with sotorasib is expected to be unaffected\nREDWOOD CITY, Calif., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for RAS-addicted cancers, today announced that Sanofi has provided notice of termination of the parties’ global SHP2 development and commercialization collaboration. Following termination, Revolution Medicines will regain all global rights granted to Sanofi under the agreement, including decision-making regarding research and development, and rights to all commercial proceeds from RMC-4630, a SHP2 inhibitor drug candidate in development for the treatment of patients with certain RAS-addicted cancers. The companies plan to collaborate to transition all Sanofi’s rights and obligations related to RMC-4630 back to Revolution Medicines over the first half of 2023. “We remain committed to studying RMC-4630 as a potentially important RAS Companion Inhibitor in our cohesive pipeline focused on novel targeted therapies for RAS-addicted cancers, and fully intend to continue as planned our ongoing Phase 2 clinical trial evaluating RMC-4630 in combination with sotorasib for patients with NSCLC bearing a KRASG12C mutation,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “Going forward, our strategy for developing RMC-4630 is unaffected by their decision, and we continue to expect to provide topline data from our RMC-4630-03 study in the second half of 2023.” Sanofi notified Revolution Medicines of its termination of the collaborative research, development and commercialization agreement (the Collaboration Agreement) for convenience on December 6, 2022. During the transition, Revolution Medicines expects that Sanofi will continue to fulfill any obligations under the Collaboration Agreement, including reimbursing Revolution Medicines’ costs, as contemplated by the Collaboration Agreement. With current cash, cash equivalents and marketable securities, Revolution Medicines continues to project it can fund planned operations through 2024. The company is updating its projected full year 2022 GAAP net loss to be between $245 million to $265 million, including estimated non-cash stock-based compensation expense of $3...