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Ideaya Biosciences closes $57.5M IPO on Nasdaq

Ideaya Biosciences Inc. closed its $57.5 million IPO on the Nasdaq Global Market.

The South San Francisco, Calif.-based biotechnology company sold 5,750,000 common shares at $10 apiece, including full exercise by the underwriters of the option to purchase up to an additional 750,000 common shares.

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

Ideaya's shares started trading on the Nasdaq Global Market on May 23 under the symbol IDYA.

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