IDEAYA Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

IDEAYA Biosciences (NASDAQ:IDYA) announced the closure of its public offering of 8,761,905 shares of common stock at $10.50 per share, raising approximately $92 million before underwriting costs. This includes the complete exercise of the underwriters' option for an additional 1,142,857 shares. J.P. Morgan, Jefferies, Citigroup, and Guggenheim Securities led the offering, conducted under an SEC-approved shelf registration statement. IDEAYA focuses on precision medicine in oncology, utilizing synthetic lethality in its therapeutic development.

Positive

• Raised approximately $92 million in gross proceeds from the public offering.
• The underwriters fully exercised their option to purchase additional shares, indicating strong demand.

Negative

• Potential dilution of existing shares due to the additional shares issued in the offering.

SOUTH SAN FRANCISCO, Calif., Sept. 19, 2022 /PRNewswire/ -- IDEAYA Biosciences, Inc. (Nasdaq:IDYA) today announced the closing of its underwritten public offering of 8,761,905 shares of its common stock at a public offering price of $10.50 per share, before underwriting discounts and commissions, including the exercise in full by the underwriters of their option to purchase up to an additional 1,142,857 shares of common stock in the offering. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by IDEAYA, were approximately $92.0 million.

J.P. Morgan, Jefferies, Citigroup and Guggenheim Securities acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.

The public offering was made by IDEAYA pursuant to a shelf registration statement on Form S-3 that was previously filed with and declared effective by the U.S. Securities and Exchange Commission, or the SEC. The offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering 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, Edgewood, NY 11717, or by telephone at 866-803-9204, or by email at prospectus-eq_fi@jpmorganchase.com; Jefferies, by mail at Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at 877-547-6340 or 877-821-7388, or by email at Prospectus_Department@Jefferies.com; Citigroup, by mail at Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-800-831-9146; or Guggenheim Securities, by mail at Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, or by telephone at (212) 518-5548 or by email at gsequityprospectusdelivery@guggenheimpartners.com.

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.

About IDEAYA Biosciences

IDEAYA is a synthetic lethality focused 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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SOURCE IDEAYA Biosciences, Inc.

FAQ

What was the public offering price for IDEAYA Biosciences shares?

The public offering price was $10.50 per share.

How much capital did IDEAYA raise from the stock offering?

IDEAYA raised approximately $92 million in gross proceeds.

Who managed the public offering for IDEAYA?

J.P. Morgan, Jefferies, Citigroup, and Guggenheim Securities managed the offering.

What is the purpose of IDEAYA's public offering?

The funds raised will support IDEAYA's development of precision medicine therapies.

Did IDEAYA's offering involve the purchase of additional shares by underwriters?

Yes, underwriters fully exercised their option to purchase an additional 1,142,857 shares.