Why Did DAWN Skyrocket Over 65% Pre-Market Today?

Pharma firm Servier is set to acquire Day One Biopharmaceuticals’ shares for $21.50 each in cash, valuing the deal at $2.5 billion.

Day One Biopharmaceuticals, Inc. (DAWN) announced on Friday that it has entered into an acquisition agreement with Servier, an independent pharmaceutical company managed by a foundation.

The deal, valued at roughly $2.5 billion, will see Servier purchase Day One shares for $21.50 each in cash, marking a 64% premium over DAWN’s closing price on Thursday.

The acquisition is expected to boost Servier’s position in pediatric low-grade glioma treatments and broaden its cancer pipeline for both adults and children facing high unmet medical needs.

Following the announcement, Day One Biopharmaceuticals stock surged over 65% on Friday’s premarket. 

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