AbbVie Inc. (NYSE:ABBV) on January 7, 2026 denied it was in talks to buy Revolution Medicines, Inc. (NasdaqGS:RVMD) after the Wall Street Journal reported the drugmaker was in advanced discussions to acquire the cancer-drug developer. The company is not in discussions with Revolution Medicines, AbbVie said in an emailed statement to Reuters. Shares of Revolution were down 11.5% in extended trading, following AbbVie's response.
It had closed nearly 30% higher. AbbVie shares were down 1% 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 close on January 6, 2026. Including a typical premium, Revolution could be valued at about $20 billion or more, the WSJ reported.
