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Merck Ends $32 Billion Deal Talks with Revolution Medicines

1/25/2026

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Summary

Story summary

The Wall Street Journal reports Merck & Co., Inc. terminated negotiations to acquire Revolution Medicines, Inc. over price.
There remains a possibility talks could resume or another buyer could emerge for Revolution Medicines, Inc.
The Financial Times reported this month that Merck was weighing a deal valued at $28–$32 billion, which would have given Merck access to Revolution Medicines' daraxonrasib.
Revolution Medicines has a market capitalization of about $22.7 billion.

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Story summary

The Wall Street Journal reports Merck & Co., Inc. terminated negotiations to acquire Revolution Medicines, Inc. over price.
There remains a possibility talks could resume or another buyer could emerge for Revolution Medicines, Inc.
The Financial Times reported this month that Merck was weighing a deal valued at $28–$32 billion, which would have given Merck access to Revolution Medicines' daraxonrasib.
Revolution Medicines has a market capitalization of about $22.7 billion.