Shots:
- Day One has entered into a definitive merger agreement to acquire Mersana, delisting Mersana from the public market & making it a wholly owned subsidiary upon deal completion
- As per the deal, Day One will acquire Mersana for $25/share plus a CVR of ~$30.25/share tied to certain clinical development, regulatory, & commercial milestones for Emi-Le (B7-H4-directed ADC) & an existing collaboration milestone, representing a total equity value of ~$129M at closing & total deal value of ~$285M
- The tender offer will begin within 10 business days of Nov 12, 2025, with remaining Mersana shares acquired later via a second-step merger for the same per-share price; closing is expected by the end of Jan 2026
Ref: Mersana| Image: Mersana| Press Release
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