Jan 8 (Reuters) – Merck is in talks to buy cancer drug developer Revolution Medicines, the Financial Times reported on Thursday, citing people familiar with the matter.
Shares of Revolution were up 5.2% in afternoon trading.
Merck has been pursuing an acquisition of Revolution Medicines, however, a deal has not been finalised, the report said, adding a tie-up would be at least several weeks away.
Other large pharmaceutical groups were still circling the biotech and another suitor might yet prevail, the FT report said.
Merck and Revolution Medicines did not immediately respond to Reuters’ requests for comment.
(Reporting by Puyaan Singh in Bengaluru; Editing by Shilpi Majumdar)