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IDEAYA Announces HSR Clearance of GSK Strategic Partnership in Synthetic Lethality and Closing of Glaxo Group Equity Investment
- Closing of Glaxo Group Equity Investment of $20 Million in IDEAYA at $15.00 per share - Collaboration, Option and License Agreement Effective following HSR
About this update from Ideaya Biosciences, Inc.
[{"type":"text","content":"- Closing of Glaxo Group Equity Investment of $20 Million in IDEAYA at $15.00 per share\n - Collaboration, Option and License Agreement Effective following HSR Clearance and $100 Million Up-Front Payment received by IDEAYA\n - Cash runway anticipated to support planned operations into 2024\n\n\nSOUTH SAN FRANCISCO, Calif., Aug. 4, 2020 /PRNewswire/ -- IDEAYA Biosciences, Inc. (Nasdaq:IDYA), an oncology-focused precision medicine company committed to the discovery and development of targeted therapeutics, announced the effectiveness of the Collaboration, Option and License Agreement between IDEAYA and GlaxoSmithKline Intellectual Property (No. 4) Limited (GSK) following clearance under the Hart-Scott-Rodino Antitrust Improvements Act (HSR). Pursuant to the Collaboration, Option and License Agreement, IDEAYA received an upfront cash payment of $100 million from GSK. The strategic partnership in Synthetic Lethality includes IDEAYA's MAT2A, Pol Theta, and Werner Helicase programs.\n\n \n \n \n \n \n \n\n \nIDEAYA also announced closing of a direct private placement equity financing pursuant to a Stock Purchase Agreement between IDEAYA and Glaxo Group Limited (Glaxo Group). Glaxo Group purchased 1,333,333 shares of IDEAYA's common stock at a price per share of $15.00. IDEAYA received proceeds from Glaxo Group of approximately $20 million.\nIDEAYA expects current cash, cash equivalents and marketable securities to support planned operations into 2024.\n\"The GSK partnership and our enhanced balance sheet enables IDEAYA to fund its operations through multiple key preclinical and clinical milestones for our Synthetic Lethality pipeline and IDE196,\" said Paul A. Stone, Chief Financial Officer, IDEAYA Biosciences.\nAbout IDEAYA Biosciences\nIDEAYA is an oncology-focused precision medicine 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 small molecule drug discovery to select patient populations most likely to benefit from the targeted therapies IDEAYA is developing. IDEAYA is applying these capabilities across multiple classes of precision medicine, including synthetic lethality – an emerging class of precision medicine targets.\nLegal Notice Regard...