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REDWOOD CITY/SAN DIEGO - Revolution Medicines, Inc. (NASDAQ:RVMD), a biotechnology company currently valued at $6.8 billion, and Iambic Therapeutics announced Wednesday a multi-year technology collaboration to develop novel oncology drug candidates using Iambic’s artificial intelligence platform. According to InvestingPro data, Revolution Medicines maintains a strong financial position with more cash than debt on its balance sheet, though analysts expect net income to decline this year.
Under the agreement, Iambic will train custom versions of its NeuralPLexer protein-ligand structure prediction model using Revolution Medicines’ proprietary data. Revolution Medicines will also gain access to Iambic’s PropANE model for lead selection and optimization.
Iambic will receive up to $25 million through upfront and near-term performance-based milestone payments, plus ongoing research and development reimbursements.
"The capabilities of Iambic’s AI-driven discovery platform, partnered with our unique collection of proprietary data, present an opportunity to rapidly explore oncology targets known to be challenging to address through conventional drug discovery approaches," said Mark A. Goldsmith, CEO of Revolution Medicines, in a statement based on the press release.
Both companies will have access to the improved models, with each retaining rights to a limited number of exclusive targets and the ability to designate additional exclusive targets for independent pursuit.
Revolution Medicines focuses on developing targeted therapies for RAS-addicted cancers, with several RAS(ON) inhibitors currently in clinical development. Iambic, founded in 2020, uses its AI platform to identify novel chemical modalities for difficult-to-address biological targets.
The collaboration aims to leverage Iambic’s AI technologies to accelerate drug discovery against challenging oncology targets using Revolution Medicines’ structures and molecular libraries.
In other recent news, Revolution Medicines has announced a $2 billion funding deal with Royalty Pharma to advance its cancer therapies. This agreement includes up to $1.25 billion in synthetic royalty financing and $750 million in corporate debt. The company has already received an initial $250 million, with another $250 million expected after positive trial data. Additionally, the FDA has granted Breakthrough Therapy Designation to Revolution Medicines’ experimental drug daraxonrasib for treating metastatic pancreatic cancer, which aims to expedite its development. In corporate developments, Barbara Weber has resigned from the board of directors, a decision linked to an ongoing collaboration with Tango Therapeutics. On the analyst front, Oppenheimer has maintained an Outperform rating on Revolution Medicines, while H.C. Wainwright has slightly lowered its price target to $72 but kept a Buy rating. These actions underscore the company’s active clinical programs and promising results in treating non-small cell lung cancer.
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