Jan 7 (Reuters) - AbbVie ( ABBV ) is in advanced talks to buy cancer-drug developer Revolution Medicines ( RVMD ), the Wall Street Journal reported on ‌Wednesday, citing people familiar with the matter.

Shares ​of Revolution were up nearly ‍30% after the report. AbbVie's ( ABBV ) ⁠stock ⁠was up more than 5%.

The potential deal could ‌be the latest ​in the more than $20 billion AbbVie ( ABBV ) has spent on ⁠acquisitions since 2023 ‍for ​to drive growth as its flagship rheumatoid arthritis treatment, Humira, lost ‍patent protection.

A deal could come together soon, if the talks do not hit any last-minute snags, WSJ said.

The report did not ​include ‍a deal value, but the biotech has a market value ​of over $15.4 billion as of the stock's last close.

Including a typical premium, Revolution could be valued at about $20 billion or more, the report said.

AbbVie ( ABBV ) ​and Revolution did not immediately respond to Reuters' requests for comment.