Ideaya Biosciences Launches Equity Offering Of $80M

Ideaya Biosciences Inc IDYA has offered up to $80 million shares in an underwritten public offering.
Underwriters have an option to purchase up to $12 million of shares.
The company will use the proceeds to fund the clinical development of IDE397, preclinical and clinical development of other product candidates in its research pipeline targeting poly (ADP-ribose) glycohydrolase, and its share of costs under GSK collaboration and other general corporate purposes.
J.P. Morgan, Citigroup, Jefferies, and Guggenheim Securities are acting as joint book-running managers for the offering.
Recently, the company met the criteria to initiate an IDE397 tumor biopsy cohort arm of the dose-escalation study, with observed clinical pharmacodynamic (PD) modulation of plasma S-adenosyl methionine (SAM) satisfying the clinical protocol threshold of approximately 60% or higher.
Price Action: IDYA shares closed at $22.72 on Tuesday.