IDEAYA Biosciences, Inc. and GlaxoSmithKline plc (GSK) have announced a strategic partnership in Synthetic Lethality, an emerging field in Oncology. The strategic partnership includes IDEAYA's Synthetic Lethality programs MAT2A, Pol Theta, and Werner Helicase programs, which are projected to reach clinical trials within the next three years. IDEAYA will receive a $100 million upfront cash payment, and $20 million equity purchase of IDEAYA common stock in a direct private placement, and a potential $50 million cash option exercise fee for the MAT2A program.
Latham & Watkins LLP represents IDEAYA Biosciences, Inc. in the transaction. The licensing team was led by Bay Area partner Christopher Hazuka with associate Gavin Liu. The corporate team was led by Bay Area partner Mark Roeder with associate Alexander White. Advice was also provided on antitrust matters by Bay Area partner Joshua Holian with Washington, D.C. counsel Patrick English.