Revolution Medicines draws $250 million Royalty Pharma loan tranche after FDA approval
After the FDA approved RASONQUE (daraxonrasib) for metastatic pancreatic adenocarcinoma, Revolution Medicines borrowed a $250.0 million Tranche A loan from Royalty Pharma under a senior secured facility. The company also chose not to sell a Tranche 3 revenue participation right, which would have brought in up to $250.0 million, so it will not receive that payment.
Key points
- Tranche A loan of $250.0 million advanced on October 8, 2026, with a $5.0 million draw fee paid to the lender.
- Interest is three-month Term SOFR (3.50% floor) plus 5.75%, paid quarterly; the loan is interest-only and matures October 8, 2032.
- Prepayment carries a make-whole amount plus a 3.0% premium before October 8, 2028, and smaller premiums afterward.
- The company did not deliver a Tranche 3 Notice by October 10, 2026, forgoing a Tranche 3 Purchase Price of up to $250.0 million.
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 13, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.