Revolution Medicines has dominated the build-up to the J.P. Morgan Healthcare Conference 2026 as media reports swirled about a potential mega-merger deal.
The 44th edition of the conference, held from 12 to 15 January in San Francisco, is set to play host to the front line of dealmaking activity in the pharmaceutical and biotech sectors in 2026.
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Despite the conference having not yet started, there is already a spotlight on Revolution Medicines, a US-based biotech developing cancer drugs. Revolution’s most advanced asset is daraxonrasib, a pan-RAS inhibitor taken orally. The drug is in Phase III studies for pancreatic cancer and non-small cell lung cancer (NSCLC) as a monotherapy.
On 7 January, the Wall Street Journal (WSJ) reported that AbbVie was in advanced talks to buy Revolution in a deal worth more than $20bn.
In an emailed statement sent to Pharmaceutical Technology on 8 January, an AbbVie spokesperson confirmed that the company was not in talks to acquire Revolution.
On the same day, a spokesperson for Revolution told Pharmaceutical Technology: “As a company policy, Revolution Medicines does not comment on rumours or speculation.”
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By GlobalDataInterest in Revolution Medicines did not end there, after the Financial Times reported on 8 January that MSD (Merck & Co) was in talks to buy the oncology-focused biotech. As per the report, a price tag of $28bn to $32bn was being discussed as part of negotiations.
If a deal were to fall between those goalposts, it would mark the biggest M&A in healthcare since Pfizer bought cancer biotech Seagen for $43bn in December 2023. The FT added that any deal between MSD and Revolution is at least several weeks away and that other big pharma companies are circling the biotech.
In another emailed statement sent to Pharmaceutical Technology regarding the FT’s report, a Revolution spokesperson reiterated that the company does not comment on rumours or speculation.
MSD did not immediately respond to Pharmaceutical Technology when asked for comment.
Observers will be closely watching how a potential deal for Revolution might play out as executives and investors convene in San Francisco this week, especially as the pharma industry rides a wave of dealmaking optimism. As per a report by EY, global life sciences M&A investment totalled $240bn in 2025, an 81% increase from $130bn in 2024. EY’s team pointed to a return to large scale transactions among big pharma despite fewer overall deals.
Revolution, which has a market cap of around $23bn, has seen its stock climb over the past week as big pharma companies eye a potential takeover. Share price in the biotech was trading 33% higher at market close on 9 January compared to market close on 6 January, the day before media reports of an acquisition began.
MSD is one of many drugmakers facing patent expirations for blockbuster products. The company is looking to shore up its pipeline as Keytruda (pembrolizumab) – a drug that accounts for more than 50% of its sales – begins to lose exclusivity in 2028.
Speaking to Pharmaceutical Technology in December 2025, EY LifeSciences global deals leader Subin Baral commented: “We don’t see the pace of dealmaking slowing [in 2026] as the availability of biopharma firepower will remain, and loss of exclusivity demand will continue.”
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