Revolution Medicines draws $250M Tranche A from Royalty Pharma term loan following FDA approval of daraxonrasib
On October 8, 2026, Revolution Medicines drew the $250.0 million Tranche A under its $750.0 million senior secured term loan facility with Royalty Pharma Development Funding, LLC, triggered by FDA approval of RASONQUE™ (daraxonrasib) for metastatic pancreatic adenocarcinoma. The company paid a $5.0 million draw fee; up to $500.0 million of additional capacity remains available under the Loan Agreement subject to milestones and conditions. The company elected not to exercise the Tranche 3 option under its separat...
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FDA approval of RASONQUE™ (daraxonrasib) for metastatic pancreatic adenocarcinoma on October 8, 2026 triggered the $250.0 million Tranche A draw under the existing $750.0 million senior secured term loan facility with Royalty Pharma Development Funding, LLC.
Company elected not to deliver the Tranche 3 Notice under the June 23, 2025 Royalty Purchase Agreement with Royalty Pharma Investments 2019 ICAV, foregoing up to $250.0 million of incremental non-dilutive funding.
Pricing is floating at three-month Term SOFR (subject to a 3.50% floor) plus 5.75%, with a $5.0 million draw fee paid at closing.
Tranche A is interest-only with outstanding principal due October 8, 2032; voluntary prepayments before the second anniversary require make-whole plus a 3.0% premium, stepping down to 1.0% after the third anniversary.
Remaining capacity totals up to $1.0 billion in potential future non-dilutive funding: up to $500.0 million of additional loans under the Loan Agreement and up to $500.0 million of additional purchase price payments under the Royalty Purchase Agreement, each subject to milestones and conditions.
Wilmington Trust, National Association serves as administrative agent under the Loan Agreement.
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