Merck (MRK) is no longer in discussions to buy cancer drug developer Revolution Medicines, the Wall Street Journal reported on Sunday.
The talks cooled after the two could not come to an agreement on price, the Journal said, citing people familiar with the matter. The newspaper said it was possible talks could restart or another suitor for Revolution could emerge.
Reuters could not immediately verify the report. Merck and Revolution Medicines did not immediately respond to Reuters requests for comment outside regular business hours.
Merck stock edged higher during premarket trading on Monday. Revolution Medicines’ stock slumped 24% before the bell today.
The Financial Times reported this month that Merck was in talks to buy Revolution Medicines in a deal valued at $28 billion to $32 billion.
A potential deal with Revolution would have given Merck access to its experimental drug daraxonrasib, which is in late-stage trials and has won a fast-track review voucher from the U.S. Food and Drug Administration.
Revolution has a market capitalization of around $22.7 billion, according to LSEG data.
