Revolution Medicines Inc. (NASDAQ: RVMD) completed concurrent public offerings that raised approximately $2.2 billion in gross proceeds, the oncology company announced.

The offerings included 12,147,887 shares of common stock priced at $142.00 per share and $500 million in convertible senior notes due 2033 with a 0.50% interest rate. The share count includes 1,584,506 additional shares purchased by underwriters who exercised their option in full.

After deducting underwriting fees and estimated expenses, Revolution Medicines expects net proceeds of approximately $2.137 billion. The company plans to use the funds for general corporate purposes, including research and development, potential commercialization activities, administrative expenses and capital expenditures.

The convertible notes carry an initial conversion rate of 5.0302 shares per $1,000 principal amount, representing a conversion price of approximately $198.80 per share. This reflects a 40% premium over the common stock offering price. Interest payments occur semi-annually on May 1 and November 1, beginning November 1, 2026.

J.P. Morgan, TD Cowen and Guggenheim Securities served as book-running managers for both offerings, while LifeSci Capital acted as lead manager.

Revolution Medicines develops targeted therapies for patients with RAS-addicted cancers. The company's pipeline includes several RAS inhibitors in clinical development, including daraxonrasib, elironrasib, zoldonrasib and RMC-5127.

The offerings were conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.