Jan 25 (Reuters) – Merck is no longer in discussions to buy cancer drug developer Revolution Medicines, the Wall Street Journal reported on Sunday.
The talks cooled after the two could not come to an agreement on price, the Journal said, citing people familiar with the matter. The newspaper said it was possible talks could restart or another suitor for Revolution could emerge.
Merck did not immediately respond to Reuters requests for comment outside regular business hours. Revolution Medicines declined to comment.
The Financial Times reported this month that Merck was in talks to buy Revolution Medicines in a deal valued at $28 billion to $32 billion.
A potential deal with Revolution would have given Merck access to its experimental drug daraxonrasib, which is in late-stage trials and has won a fast-track review voucher from the U.S. Food and Drug Administration.
Revolution has a market capitalization of around $22.7 billion, according to LSEG data.
(Reporting by Mihika Sharma in Bengaluru; Editing by Andrew Heavens and David Gregorio)
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