IDEAYA Biosciences (NASDAQ:IDYA) is up 36% premarket on the heels of announcing a strategic partnership with GlaxoSmithKline plc (NYSE:GSK) in Synthetic Lethality, an emerging field in Oncology.
The partnership includes IDEAYA’s Synthetic
Lethality programs MAT2A, Pol Theta, and Werner Helicase programs, which
are projected to reach clinical trials within the next three years.
IDEAYA will lead the MAT2A program and will be responsible for all costs prior to the GSK option exercise.
The company will receive a 50% US profit share and
ex-US royalties for the MAT2A and Werner Helicase programs, global
royalties for the Pol Theta program and is responsible for 20% of global
development costs for licensed products being developed with GSK.
IDEAYA will receive a $100M upfront cash payment,
$20M equity purchase of common stock in a direct private placement,
potential $50M cash option exercise fee for the MAT2A program and
potential preclinical, clinical and sales milestones.
https://seekingalpha.com/news/3583306-ideaya-inks-deal-gsk-in-synthetic-lethality
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