SOUTH SAN FRANCISCO, Calif.,
June 17, 2020 /PRNewswire/
-- IDEAYA Biosciences, Inc. (Nasdaq: IDYA) today
announced the pricing of an underwritten public offering of
6,666,667 shares of its common stock at a public offering price of
$15.00 per share, before underwriting
discounts and commissions. In addition, IDEAYA has granted the
underwriters a 30-day option to purchase up to an additional
1,000,000 shares of common stock at the public offering price, less
underwriting discounts and commissions. The gross proceeds from the
offering, before deducting underwriting discounts and commissions
and other offering expenses payable by IDEAYA, are expected to be
$100.0 million excluding any exercise
of the underwriters' option to purchase additional shares. The
offering is expected to close on or about June 22, 2020, subject to the satisfaction of
customary closing conditions.
IDEAYA intends to use the net proceeds of the
offering, along with its existing cash, cash equivalents and
short-term and long-term marketable securities to fund
(i) preclinical and clinical development of IDE397, its MAT2A
inhibitor development candidate, and other product candidates in
its research pipeline targeting poly (ADP-ribose) glycohydrolase,
or PARG, and a DNA Damage Target, or DDT, as well as its share of
costs for targeting WRN under the previously announced
Collaboration, Option and License Agreement with GSK, (ii) ongoing
early clinical development of IDE196, its PKC inhibitor, and
binimetinib, a MEK inhibitor to which Pfizer has exclusive rights
in the U.S. and Canada, as
combination therapy in metastatic uveal melanoma, or MUM and other
solid tumors having GNAQ/11 hotspot mutations, as well as ongoing
clinical trials evaluating IDE196 as monotherapy in such
indications, (iii) biomarker research and development activities
and (iv) working capital and other general corporate purposes.
J.P. Morgan, Citigroup and Jefferies are acting as joint
book-running managers for the offering.
The securities described above are being offered by IDEAYA
pursuant to a shelf registration statement on Form S-3 that was
previously filed with and declared effective by the U.S.
Securities and Exchange Commission (the "SEC"). The offering
is being made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement, copies
of which may be obtained, when available, by request from: J.P.
Morgan, by mail at J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
866-803-9204, or by email at prospectus-eq_fi@jpmorganchase.com;
Citigroup, by mail at Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at
1-800-831-9146; or Jefferies, by mail at Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by
telephone at 877-547-6340 or 877-821-7388, or by email at
Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About IDEAYA Biosciences
IDEAYA is an oncology-focused precision medicine company
committed to the discovery and development of targeted therapeutics
for patient populations selected using molecular diagnostics.
IDEAYA's approach integrates capabilities in identifying and
validating translational biomarkers with small molecule drug
discovery to select patient populations most likely to benefit from
the targeted therapies IDEAYA is developing. IDEAYA is
applying these capabilities across multiple classes of precision
medicine, including direct targeting of oncogenic pathways and
synthetic lethality – which represents an emerging class of
precision medicine targets.
Legal Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained
herein, including without limitation statements regarding the
expected closing of the public offering and the expected use of
proceeds from the public offering, are forward-looking statements
reflecting the current beliefs and expectations of management made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
involve substantial risks and uncertainties that could cause
IDEAYA's preclinical and clinical development programs, future
results, performance or achievements to differ significantly from
those expressed or implied by the forward-looking statements. Such
risks and uncertainties include, among others, the uncertainties
inherent in the drug development process, including IDEAYA's
programs' early stage of development, the process of designing and
conducting preclinical and clinical trials, the regulatory approval
processes, the timing of regulatory filings, the challenges
associated with manufacturing drug products, IDEAYA's ability to
successfully establish, protect and defend its intellectual
property, the effects on IDEAYA's business of the worldwide
COVID-19 pandemic, and other matters that could affect the
sufficiency of existing cash to fund operations. IDEAYA undertakes
no obligation to update or revise any forward-looking statements.
For a further description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of IDEAYA in general, see IDEAYA's recent Quarterly Report
on Form 10-Q filed on May 12, 2020, the preliminary prospectus
supplement related to the proposed public offering and subsequent
filings with the SEC.
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SOURCE IDEAYA Biosciences, Inc.