Company: DAWN
Filing Date: 2025-11-13
Form Type: SC TO-C
Source: 0001104659-25-110815
Chunk: 17

Company: Day One Biopharmaceuticals, Inc.
Filing Date: 2025-11-13
Form: SC TO-C
Chunk 17
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, change or other circumstance that could give rise to the termination
of the merger agreement; the outcome of legal proceedings that may be instituted against Day One, Mersana and/or others relating to the
transaction and the risk that such legal proceedings may result in significant costs of defense, indemnification and liability; the failure
(or delay) to receive the required regulatory approvals relating to the transaction; the possibility that competing offers will be made;
disruption from the proposed transaction, making it more difficult to conduct business as usual or maintain relationships with customers,
employees or suppliers; the risk that Day One will not be able to retain the employees of Mersana following the closing of the transaction
given the at-will nature of their employment; risks associated with acquisitions, such as the risk that the businesses will
not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected
benefits of the transaction will not occur; risks associated with developing product candidates; risks and uncertainties related to unforeseen
delays that may impact the timing of clinical trials and reporting data; risks related to future opportunities and plans for Mersana and
its product candidates, including uncertainty of the expected financial performance of Mersana and its product candidates and the possibility
that the milestone payments related to the contingent value right will never be achieved and that no milestone payment may be made; the
possibility that if Day One does not achieve the perceived benefits of the proposed transaction as rapidly or to the extent anticipated
by financial analysts or investors, the market price of Day One’s shares could decline; as well as other risks related to Day One’s
and Mersana’s businesses detailed from time-to-time under the caption “Risk Factors” and elsewhere in Day
One’s and Mersana’s respective SEC filings and reports, including their respective Annual Reports on Form 10-K for the
year ended December 31, 2024 and subsequent quarterly and current reports filed with the SEC. Day One undertake no duty or obligation
to update any forward-looking statements contained in this communication as a result of new information, future events or changes in their
expectations, except as required by law.

DAY ONE MEDIA

Laura Cooper, Head of Communications

DAY ONE INVESTORS

LifeSci Advisors, PJ Kelleher

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Exhibit 99.2

NOVEMBER 2025 Acquisition of Mersana Therapeutics

2 Confidential Information. For internal use only.