AbbVie says it’s not in talks to buy Revolution Medicines; WSJ reports another suitor may prevail
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AbbVie has denied being in talks to acquire Revolution Medicines, contradicting a report from The Wall Street Journal that suggested advanced negotiations. Following AbbVie's statement, Revolution's stock, which had surged 30% on the initial report, fell about 7% in early trading. The Journal maintains that discussions could still lead to a deal, potentially involving another suitor. This acquisition would have marked a significant biotech deal amid increasing M&A activity in the sector, driven by the need for new products as major pharmaceutical companies face a patent cliff.
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