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

Company: Day One Biopharmaceuticals, Inc.
Filing Date: 2025-11-13
Form: SC TO-C
Chunk 13
---
 cancer with a well-defined
patient population and high unmet need, most often arising from the salivary gland. The early anti-tumor activity observed with Emi-Le
in an ongoing Phase 1 study, in a disease with a clear unmet medical need, may support a fast path to registration. Emi-Le represents
an innovative and differentiated ADC directed against B7-H4, a well-characterized target in certain cancers. B7-H4 is highly expressed
in ACC as well as in other adult and pediatric cancers. As a novel targeted investigational agent with monotherapy anti-tumor activity
intended for a well-defined patient population without any approved therapies or a clear standard of care, the Company believes that Emi-Le
is well positioned for potential rapid development and commercialization.

“This acquisition will add a potential game-changing new medicine
to the Day One portfolio and, if approved, will broaden our opportunities for patient impact and for continued growth and value creation,”
said Jeremy Bender, Ph.D., chief executive officer of Day One. “The addition of the Emi-Le program to our portfolio allows us to
leverage the research and development expertise, and the commercial capabilities, that already exist within Day One to address underserved,
rare and life-threatening cancers in patients of all ages.”

Terms of the Agreement

Under the terms of the definitive merger agreement, Day One will promptly
commence a tender offer to acquire all of the outstanding shares of Mersana common stock at a price of $25 per share in cash at closing
plus one non-tradable CVR per share to receive certain potential milestone payments of up to an aggregate of $30.25 per CVR in cash, for
total consideration of up to $55.25 per share in cash, representing a total equity value of approximately $129 million at closing and
representing a total deal value of up to approximately $285 million. The CVR is payable subject to certain terms and conditions of achievement
of the following milestones:

Clinical Milestones

| · | A development milestone related to an existing partnership agreement: $1.25 per share |

| · | Breakthrough Therapy Designation for ACC granted by FDA: $1.00 per share |

| · | First dosing of a participant in a registrational trial of Emi-Le for ACC-1: $4.00 per share |

Regulatory/Sales Milestones

| · | Regulatory approval granted by FDA in Emi-Le for ACC-1: $9.