aibioRevolution Medicines reports final judgment in Delaware suit over EQRx merger
Tickers RVMD
The Court of Chancery dismissed Nemeth v. Casdin with prejudice on June 18, 2026 after a settlement. Revolution was named only as successor to EQRx, alongside its director Alexis Borisy and others.
Key facts
- Company
- Revolution Medicines, Inc. (NASDAQ: RVMD)
- News type
- Legal
- Primary source
- Revolution Medicines, Inc. 10-Q for the quarter ended June 30, 2026 (SEC EDGAR)
Revolution Medicines, Inc. (Nasdaq: RVMD) said in its 10-Q filed Aug 5, 2026 that the Delaware Court of Chancery entered an Order and Final Judgment on June 18, 2026 approving a settlement and dismissing Nemeth v. Casdin, et al., Case No. 2024-1268-PAF, with prejudice. Former stockholders of CM Life Sciences III, Inc. (CMLS III) filed the complaint on December 9, 2024. It arises from CMLS III's December 17, 2021 merger with EQRx, Inc.
Revolution was a defendant only as successor-in-interest to EQRx. The other defendants the 10-Q describes are members of CMLS III's board, its officers, its sponsor, certain investment firms, and Alexis Borisy, EQRx's former Executive Chairman and CEO, who sits on Revolution's board.
The case
The complaint brings claims for breach of fiduciary duty and unjust enrichment against members of CMLS III's board of directors, CMLS III's officers and CMLS III's sponsor in connection with the merger. It also brings claims for aiding and abetting breaches of fiduciary duties against certain investment firms involved with the merger process, Revolution as successor to EQRx, and Borisy. The 10-Q does not describe the relief sought. Revolution says it completed the acquisition of EQRx on November 9, 2023, and the complaint names it only in that successor role.
Defendants
Named in the 10-Q: Revolution Medicines, Inc., solely as successor-in-interest to EQRx; Alexis Borisy; members of CMLS III's board; its officers; its sponsor; and certain investment firms. The 10-Q gives no individual names other than Borisy, and the case name points to a defendant surnamed Casdin.
CMLS III's own prospectus filed December 1, 2021, shortly before the merger closed, shows who held those roles. Eli D. Casdin was chief executive officer and a director. Keith A. Meister was chairman. Brian Emes was chief financial officer and secretary, and Shaun Rodriguez was chief strategy officer. The other directors were Amy Abernethy, Christian Henry, Kwame Owusu-Kesse, Chad Robins and Harlan Robins. The sponsor was CMLS Holdings III LLC. The claims against Revolution and Borisy are, as the 10-Q describes them, for aiding and abetting. The fiduciary duty claims are against the CMLS III board, officers and sponsor. These are the people in those roles, not a list of defendants. No filing we reviewed says which of them were sued.
Where it stands
The defendants moved to dismiss in February 2025. The parties reached an agreement to resolve the matter, which was filed with the court on January 6, 2026. In its 10-K for 2025, filed in February 2026, Revolution said the agreement remained subject to court approval. The court then entered the June 18, 2026 judgment. The 10-Q reports no further steps.
Why it matters to shareholders
The 10-K for 2025 says Revolution recorded a $5.0 million accrual in accrued and other current liabilities as of December 31, 2025. The accrual was based on its expected contribution under the agreement and anticipated insurance recoveries. The June 2026 10-Q does not repeat the accrual or give the total settlement amount.
Before the settlement, Revolution's 10-K for 2024 said it did not believe the action would have a material adverse impact on its operations or financial position. It also said a loss was reasonably possible but, given the early stage, it could not estimate a range.
The 10-Q's general note on litigation says defending such proceedings "is costly and can impose a significant burden on management and employees." It adds that Revolution accrues for these matters when a loss is probable and can be reasonably estimated.