Sanofi terminates SHP2 Inhibitor development pact with Revolution Medicines

Revolution Medicines (RVMD) announced that Sanofi (SNY) has provided notice of termination of the parties’ global SHP2 development and commercialization collaboration. Following termination, Revolution Medicines will regain all global rights granted to Sanofi under the agreement, including decision-making regarding research and development, and rights to all commercial proceeds from RMC-4630, a SHP2 inhibitor drug candidate in development for the treatment of patients with certain RAS-addicted cancers. The companies plan to collaborate to transition all Sanofi’s rights and obligations related to RMC-4630 back to Revolution Medicines over the first half of 2023."We remain committed to studying RMC-4630 as a potentially important RAS Companion Inhibitor in our cohesive pipeline focused on novel targeted therapies for RAS-addicted cancers, and fully intend to continue as planned our ongoing Phase 2 clinical trial evaluating RMC-4630 in combination with sotorasib for patients with NSCLC bearing a KRASG12C mutation," said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. " The company is updating its projected full year 2022 GAAP net loss to be between $245Mto $265M, including estimated non-cash stock-based compensation expense of $30M to $35M.