Merck Is Taking a $400 Million Charge for a Preclinical KRAS G12D Drug After Backing Off Revolution
- Merck said on 28 September 2026 that it has licensed exclusive worldwide rights to develop, manufacture and commercialise SPR2015, a preclinical oral KRAS G12D (ON) inhibitor, from SciBrunch Therapeutics, a Shanghai biotech founded in late 2024.
- Merck will record a pre-tax charge of $400m, about $0.13 a share, in the third quarter of 2026 for the transaction. Further payments depend on milestones across multiple indications, and StockTitan puts the total potential value at $2.13bn. BofA Securities advised SciBrunch.
- SPR2015 is a molecular glue that, according to the companies, shows nanomolar activity in KRAS G12D-mutant cell lines with selectivity over wild-type cells. G12D is the most common oncogenic driver in human cancers and occurs in about 4% of non-small cell lung cancers, according to Revolution Medicines.
- Merck’s existing KRAS drug, calderasib, targets G12C and is in Phase 3 with Keytruda. Merck reportedly held talks in January to acquire Revolution Medicines for about $30bn before backing off, BioSpace reported.
Deal read
Merck is buying into KRAS G12D at the start line, well behind the company it reportedly tried to buy.
- The upfront is visible, and it is large for a preclinical asset. Unlike most licences this month, the size of the commitment shows through the accounting charge. $400m for one preclinical molecule from a company under two years old signals how much Merck wants a G12D position.
- Revolution sets the pace. Its G12D drug zoldonrasib won the first breakthrough designation for the mutation in January, and has Phase 3 trials under way in first-line pancreatic and lung cancer, one of them adding it to pembrolizumab and chemotherapy. SPR2015 has not yet reached the clinic.
- Merck’s post-Keytruda build ran on two fronts the same day. Hours earlier, Merck and Daiichi Sankyo withdrew a US filing for their B7-H3 antibody-drug conjugate. Keytruda begins to lose patent protection in 2028, and Merck is adding early options while its late-stage replacements slip.