By Puyaan Singh
Jan 7 (Reuters) – AbbVie on Wednesday denied it was in talks to buy Revolution Medicines after the Wall Street Journal reported the drugmaker was in advanced discussions to acquire the cancer-drug developer, citing people familiar with the matter.
The company “is not in discussions with Revolution Medicines,” AbbVie said in an emailed statement to Reuters.
AbbVie shares were down 1.3% in extended trading, after closing 4% higher
Revolution Medicines said it does not comment on rumors or speculation as a matter of company policy
The report did not include a deal value, but the biotech has a market value of over $15.4 billion as of the stock’s last close.
Including a typical premium, Revolution could be valued at about $20 billion or more, the report said.
(Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona and Tasim Zahid)
