BeOne Medicines Ltd. (Nasdaq: ONC; HKEX: 06160; SSE: 688235) and Revolution Medicines, Inc. (Nasdaq: RVMD) announced a two-part arrangement covering both clinical combination studies and regional commercialization rights for Revolution Medicines' four clinical-stage RAS(ON) inhibitors in select Asian markets. Notably, the deal will also see BeOne fund and conduct a global registrational Phase III study for one of the four RAS(ON) inhibitors, with the specific asset not identified in the announcement.
Under the deal terms, BeOne takes exclusive development and commercialization rights — or commercialization-only rights, depending on the market — to daraxonrasib, zoldonrasib, elironrasib, and RMC-5127 across those territories. Revolution is eligible to receive development and sales milestone payments plus tiered royalties on net sales within the licensed territory, with specifics not disclosed. The US firm explicitly retains all rights outside the licensed region, including Japan and South Korea.
The four Revolution assets span distinct RAS mutant variants: daraxonrasib is a multi-selective RAS(ON) inhibitor, zoldonrasib targets KRAS G12D, elironrasib targets KRAS G12C, and RMC-5127 targets KRAS G12V. All four inhibit the active, GTP-bound state of oncogenic RAS proteins, differentiating them from approved KRAS G12C inhibitors that target the inactive, GDP-bound state. The clinical collaboration will evaluate combinations of these four agents with two BeOne pipeline assets: BGB-58067, an MTA-cooperative PRMT5 inhibitor, and BG-T187, an EGFR x MET x MET trispecific antibody. Initial planned studies will pair BGB-58067 and BG-T187 with either daraxonrasib or zoldonrasib.
The deal gives BeOne access to a RAS(ON) portfolio that has gained substantial clinical validation, led by daraxonrasib in pancreatic ductal adenocarcinoma (PDAC). In the 500-patient Phase III RASolute 302 trial in previously treated metastatic PDAC, daraxonrasib reduced the risk of death by 60% versus investigator's choice of chemotherapy, with median overall survival of 13.2 months versus 6.7 months; the results supported an NDA accepted for US FDA review in July 2026. Revolution has also reported encouraging early activity with KRAS G12D-selective zoldonrasib, including a 52% confirmed objective response rate in previously treated KRAS G12D-mutant NSCLC, alongside combination activity in pancreatic cancer. Together, the portfolio gives BeOne exposure to both mutation-selective and multi-RAS targeting strategies rather than tying the collaboration to the success of a single molecular subtype.