Day One Biopharmaceuticals, a Phase 2 biotech developing treatments for pediatric glioma and other cancers, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $126 million by offering 8.4 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Day One Biopharmaceuticals would command a market value of $881 million.
Day One Biopharmaceuticals aims to treat patients of all ages with genetically defined cancers, but is initially focused on pediatric patients, which it believes have been underserved by recent cancer treatment advancements. The company's lead candidate, DAY101, is an oral, brain-penetrant, highly-selective type II pan-rapidly accelerated fibrosarcoma, or pan-RAF, kinase inhibitor. The company has initiated a pivotal Phase 2 trial for DAY101 for the treatment of pediatric patients with relapsed or progressive low-grade glioma, for which DAY101 has been granted Breakthrough Therapy designation. The company anticipates an initial data readout in the 1H22, and expects to file an NDA in 2023.
Day One Biopharmaceuticals was founded in 2018 and plans to list on the Nasdaq under the symbol DAWN. J.P. Morgan, Cowen, Piper Sandler, and Wedbush PacGrow are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
