Day One Biopharmaceuticals (NASDAQ: DAWN) has announced the completion of all conditions of its tender offer to acquire all outstanding shares of Mersana Therapeutics (NASDAQ: MRSN) for $25 per share in cash plus one non-tradable contingent value right (CVR) per share, providing potential milestone payments of up to $30.25 in cash per CVR.
The acquisition expands Day One’s pipeline with the clinical-stage antibody drug conjugate emiltatug ledadotin (Emi-Le) targeting rare cancer adenoid cystic carcinoma (ACC).
In a statement, Jeremy Bender, PhD, CEO of Day One, commented, “This acquisition of Mersana is a strategic fit with Day One’s mission and ambitions, allowing us to continue to expand into adult oncology while maintaining a focus on rare cancers. With promising early clinical data, Emi-Le represents a potentially transformative advancement in the treatment of ACC, and we will leverage our distinct capabilities to rapidly develop the asset and pursue registration to reach patient communities who have no approved therapies today. Building on the strong momentum of OJEMDA in the market and our continually progressing pipeline, this acquisition strengthens our overall position to expand our impact on patient communities while delivering sustainable business growth.”
