NEW YORK – Ideaya Biosciences on Wednesday said it has priced an underwritten public offering of 4,637,681 shares of its common stock at $17.25 per share.
The company expects the offering, slated to close on July 12, to raise gross proceeds of around $80 million.
Underwriters also have a 30-day option to purchase an additional 695,652 shares of common stock at the public offering price. If the underwriters exercise their option, the company previously estimated the proceeds will total around $86.1 million, minus underwriting discounts, commissions, and offering expenses.
JP Morgan, Citigroup, Jefferies, and Guggenheim Securities are acting as joint bookrunning managers for the offering.
The South San Francisco, California-based company plans to use the net proceeds from the offering to support development of its two lead candidates: IDE397, its MAT2A inhibitor undergoing a Phase I trial in solid tumors with MTAP deletions, and PKC inhibitor darovasertib, being studied in metastatic uveal melanoma and other solid tumors with GNAQ/11 hotspot mutations.
The funds will also go toward advancing other candidates in its pipeline, including drugs targeting PARG, MTAP, and other DNA damage targets, as well as a WRN-targeted drug Ideaya is developing in collaboration with GlaxoSmithKline.
On Thursday, the company's shares were down around 1 percent and trading on the Nasdaq for approximately $18.