Revolution Medicines Inc. announced the pricing of concurrent public offerings totaling $2 billion, consisting of 10.56 million shares of common stock at $142 per share and $500 million in convertible senior notes.

The oncology company increased the common stock offering size from the previously announced $750 million to approximately $1.5 billion. The convertible notes offering was doubled from $250 million to $500 million.

The common stock offering is scheduled to settle April 16, 2026, while the convertible notes will settle April 17, 2026, subject to customary closing conditions. Revolution Medicines granted underwriters a 30-day option to purchase up to an additional 1.58 million shares.

The convertible senior notes will carry a 0.50% annual interest rate and mature May 1, 2033. The notes feature an initial conversion rate of 5.0302 shares per $1,000 principal amount, representing a conversion price of approximately $198.80 per share. This represents a 40% premium over the common stock offering price.

J.P. Morgan, TD Cowen and Guggenheim Securities serve as book-running managers for both offerings, with LifeSci Capital acting as lead manager.

Revolution Medicines estimates net proceeds of approximately $1.435 billion from the stock offering and $486.8 million from the notes offering, after deducting underwriting fees and expenses. The company plans to use proceeds for general corporate purposes, including research and development expenses and potential commercialization of product candidates.

Revolution Medicines develops targeted therapies for patients with RAS-addicted cancers and has multiple RAS inhibitors in clinical development.