In Jan­u­ary, Rev­o­lu­tion Med­i­cines was ru­mored to have a $30 bil­lion buy­out of­fer on the ta­ble. Now, it doesn’t.

Al­so in Jan­u­ary, Rev­o­lu­tion didn’t have its Phase 3 pan­cre­at­ic can­cer re­sults. Now, it does.

So what might a fair price be for the biotech af­ter its stun­ning piv­otal suc­cess?

It’s a ques­tion po­ten­tial­ly worth tens of bil­lions of dol­lars. Rev­o­lu­tion’s drug darax­on­ra­sib dou­bled the sur­vival time for pa­tients with metasta­t­ic pan­cre­at­ic can­cer and cut the risk of death by 60%. The po­ten­tial val­ue in pan­cre­at­ic can­cer alone could be $10 bil­lion in an­nu­al peak sales, Stifel health­care di­rec­tor Tim Opler told End­points News.

If that turns out to be the case, darax­on­ra­sib by it­self could sus­tain at least $100 bil­lion in mar­ket cap over its life­time, Opler said.

The on­col­o­gy field is buzzing af­ter a land­mark read­out from Rev­o­lu­tion Med­i­cines, known col­lo­qui­al­ly as RevMed, showed that a tar­get­ed "pan-RAS" drug dou­bled the sur­vival time for pa­tients whose pan­cre­at­ic can­cer has re­turned or stopped re­spond­ing to pre­vi­ous treat­ment. As can­cer re­searchers and drug­mak­ers head to San Diego this week­end for the an­nu­al AACR meet­ing, here’s what we’re watch­ing:

→ RevMed will be re­port­ing more da­ta at AACR, both on its drug darax­on­ra­sib as well as an­oth­er KRAS-tar­get­ed ther­a­py zoldon­ra­sib. The Phase 1/2 darax­on­ra­sib read­out will give an up­dat­ed look at how the drug fares as a first-line treat­ment in metasta­t­ic pan­cre­at­ic can­cer, both alone and along­side chemother­a­py. Rev­o­lu­tion Med­i­cines re­port­ed an ini­tial cut of da­ta in the first-line set­ting last year, show­ing over­all re­sponse rates of 47% and 55% alone and with chemother­a­py re­spec­tive­ly.

On Fri­day, Kail­era Ther­a­peu­tics raised a record-set­ting $625 mil­lion through an IPO on the Nas­daq. Found­ed with back­ing from Bain Cap­i­tal Life Sci­ences, and a pipeline of obe­si­ty as­sets from Chi­na's Hen­grui Phar­ma, the com­pa­ny could be one of the best case stud­ies of what biotech looks like in 2026.

End­points News in­ter­viewed CEO Ron Re­naud on Fri­day, just be­fore the new shares KL­RA be­gan trad­ing. Ex­ec­u­tive Ed­i­tor Drew Arm­strong spoke to Re­naud about build­ing Kail­era, part­ner­ing with Chi­na and what he thinks Fri­day's IPO tells us about where the sec­tor is go­ing.

This in­ter­view has been edit­ed and con­densed for clar­i­ty.

Drew Arm­strong: Af­ter a few pret­ty gloomy years in biotech, in­vestors seem re­al­ly in­ter­est­ed right now. What changed?

Plus, news about UK clin­i­cal stud­ies and Ku­ra On­col­o­gy:

Tre­vi Ther­a­peu­tics to sell $150M in shares: The biotech plans to