IDEAYA Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants
Rhea-AI Summary
IDEAYA Biosciences (Nasdaq: IDYA) has announced a proposed public offering of up to $200 million in common stock and pre-funded warrants.
The company will also grant underwriters a 30-day option to purchase an additional $30 million in common stock.
The offering is subject to market conditions and other factors, with no assurance of completion or specific terms.
J.P. Morgan, Goldman Sachs, Jefferies, and RBC Capital Markets are acting as joint book-running managers.
This offering will be conducted under an automatically effective shelf registration statement filed with the SEC, and will be made available via a written prospectus and a prospectus supplement.
Positive
- Potential to raise up to $230 million, including the underwriters' option.
- Funds may support business growth, research and development, and other corporate purposes.
Negative
- Potential shareholder dilution from the issuance of new shares.
- Market conditions may impact the offering's success and terms.
News Market Reaction – IDYA
In the trading session that priced this news, IDYA declined 3.37%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
J.P. Morgan, Goldman Sachs & Co. LLC, Jefferies and RBC Capital Markets are acting as joint book-running managers for the offering.
The securities described above are being offered by IDEAYA pursuant to an automatically effective shelf registration statement on Form S-3 that was previously filed with the U.S. Securities and Exchange Commission, or the SEC. The offering will be made only by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may also be obtained by request from: J.P. Morgan, by mail at J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
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.
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About IDEAYA Biosciences
IDEAYA is a precision medicine oncology 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 drug discovery to select patient populations most likely to benefit from its targeted therapies. IDEAYA is applying its research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets.
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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 offer and sale of securities, the terms of the offering and ability to complete the 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, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the proposed public offering, 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, serious adverse events, undesirable side effects or unexpected characteristics of drug development candidates, 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 and other matters that could affect IDEAYA's ability to complete the offering and 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 current and future filings with the SEC, including its Annual Report on Form 10-K filed on February 20, 2024, Quarterly Report on Form 10-Q filed on May 7, 2024 and preliminary prospectus supplement related to the proposed public offering.
Investor and Media Contact
IDEAYA Biosciences
Andres Ruiz Briseno
Senior Vice President, Head of Finance and Investor Relations
investor@ideayabio.com
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SOURCE IDEAYA Biosciences, Inc.