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Ideaya Biosciences prices IPO below expected range; to raise $50M

Ideaya Biosciences Inc. priced its IPO at $10 per share, below the expected range of between $13 and $15 apiece.

Gross proceeds from the IPO are expected to be $50 million.

The South San Francisco, Calif.-based biotechnology company is looking to sell 5 million shares and underwriters have the option of purchasing up to an additional 750,000 shares.

Ideaya's shares are expected to begin trading on the Nasdaq Global Market May 23, while the IPO is set to close May 28.

The drugmaker previously said it intends to use proceeds to develop eye cancer treatment IDE196, as well as other cancer therapy candidates.

J.P. Morgan, Citigroup and Jefferies were the joint book-running managers for the offering.