Day One Biopharmaceuticals, a Phase 2 biotech developing kinase inhibitors for pediatric brain tumors, raised the proposed deal size for its upcoming IPO on Wednesday.
The South San Francisco, CA-based company now plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. The company had previously filed to offer 8.4 million shares at the same price range. At the midpoint, Day One Biopharmaceuticals would raise 19% more in proceeds than previously anticipated and command a market value of $905 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 and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
