IDEAYA Biosciences (IDYA) Prices 6.67M Share Common Offering at $15/Sh

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.

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