Day One Biopharmaceuticals Completes Acquisition of Mersana Therapeutics

Day One Biopharmaceuticals ( (DAWN) ) has shared an announcement.

On January 6, 2026, Day One Biopharmaceuticals completed its acquisition of Mersana Therapeutics in an all-cash tender offer and follow-on merger, paying $25 per share plus a non-tradable contingent value right (CVR) per share that could deliver additional milestone payments of up to $30.25, for potential total consideration of $55.25 per share. The deal, funded with approximately $128.8 million of Day One’s cash on hand, results in Mersana becoming a wholly owned subsidiary and its stock being delisted from Nasdaq, while former Mersana shareholders receive the same mix of cash and CVRs whether they tendered in the offer or were converted in the merger. Each CVR entitles holders to a series of potential cash milestone payments tied to U.S. regulatory designations, clinical trial progress, FDA approval, commercial launches in major global markets, and specified annual net sales thresholds for Emi-Le, with deadlines running from 2026 through 2037, though these milestones are not guaranteed and the CVRs are generally non-transferable. Strategically, the transaction expands Day One’s oncology portfolio with a second clinical-stage antibody-drug conjugate and deepens its push into adult and rare cancers, notably ACC, as the company looks to build on momentum from OJEMDA and position itself as a more diversified player in targeted oncology while assuming the integration and development risks associated with the acquisition and milestone structure.

The most recent analyst rating on (DAWN) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Day One Biopharmaceuticals stock, see the DAWN Stock Forecast page.

Spark’s Take on DAWN Stock

According to Spark, TipRanks’ AI Analyst, DAWN is a Neutral.

The score is driven primarily by mixed financial performance: strong margins and a low-debt balance sheet are offset by large losses, TTM revenue decline, and significant cash burn. Technicals are supportive with the stock above major moving averages and positive MACD. Earnings-call updates improved the outlook via raised revenue guidance and strong prescription/revenue trends, while valuation remains constrained by negative earnings and no dividend yield data.

To see Spark’s full report on DAWN stock, click here.

More about Day One Biopharmaceuticals

Day One Biopharmaceuticals is a Brisbane, California-based commercial-stage biopharmaceutical company focused on developing and commercializing targeted cancer therapies for patients of all ages, with a particular emphasis on pediatric and rare cancers. Its pipeline includes the approved therapy tovorafenib (OJEMDA), DAY301, and, following the January 2026 acquisition of Mersana Therapeutics, emiltatug ledadotin (Emi-Le), a novel antibody-drug conjugate targeting the B7-H4 protein in clinical development for adenoid cystic carcinoma (ACC).

Average Trading Volume: 2,450,009

Technical Sentiment Signal: Hold

Current Market Cap: $877.9M

Find detailed analytics on DAWN stock on TipRanks’ Stock Analysis page.