Day One Biopharmaceuticals, a Phase 2 biotech developing kinase inhibitors for pediatric brain tumors, raised $160 million by offering 10 million shares at $16, the high end of the range of $14 to $16. The company originally planned to offer 8.4 million shares at the same range, before revising the terms on Wednesday morning. At pricing, the company commands a market value of $965 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 plans to list on the Nasdaq under the symbol DAWN. J.P. Morgan, Cowen, and Piper Sandler acted as lead managers on the deal.
