On August 4, 2020 IDEAYA Biosciences, Inc. (Nasdaq:IDYA), an oncology-focused precision medicine company committed to the discovery and development of targeted therapeutics, reported 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) (Press release, Ideaya Biosciences, AUG 4, 2020, View Source [SID1234562814]). 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.

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IDEAYA 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.

IDEAYA expects current cash, cash equivalents and marketable securities to support planned operations into 2024.

"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.