Servier to Buy Day One Biopharmaceuticals for $2.5B
Servier to Buy Day One Biopharmaceuticals in a $2.5B cash tender offer that sets tender mechanics and regulatory timing shaping shareholder supply.
KEY TAKEAWAYS
- Servier offered $21.50 per share via an all-cash tender offer and planned second-step merger.
- Transaction funded from existing cash and investments with no financing condition.
- Deal sets an $87.7 million termination fee and a Dec. 6, 2026 outside date.
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Servier agreed on March 6, 2026, to acquire Day One Biopharmaceuticals (NASDAQ: DAWN) in a cash transaction that expands its rare-oncology portfolio and adds Day One’s FDA-approved drug Ojemda to its pipeline.
Deal Terms and Strategic Rationale
Servier set a $21.50 per-share all-cash price for all outstanding common stock, to be executed through a cash tender offer followed by a second-step merger at the same price. The company will fund the purchase from existing cash and investments without a financing condition. The price represents a 68% premium to Day One’s March 5 closing price and an 86% premium to its one-month volume-weighted average price as of that date.
Day One disclosed the agreement in a Form 8-K filing, which included a board fairness opinion and a recommendation that shareholders tender their shares. The filing sets an outside date of December 6, 2026, extendable by 150 days for regulatory approvals, and specifies an $87.7 million termination fee payable to Servier in certain scenarios, such as a superior proposal. The companies plan to file tender-offer materials on a Schedule TO, and Day One will issue a Schedule 14D-9 solicitation and recommendation.
The acquisition advances Servier’s 2030 ambition to develop innovative oncology treatments and expand its rare-oncology offering. It brings Ojemda (tovorafenib), approved by the FDA in 2024 for pediatric low-grade glioma with BRAF alterations, and adds pipeline programs ranging from early-stage to Phase 3 studies targeting RAF/BRAF alterations. Day One focuses on targeted therapies for life-threatening diseases, emphasizing pediatric oncology.
The parties expect to close the transaction in the second quarter of 2026, subject to a majority tender of outstanding shares, U.S. Hart-Scott-Rodino antitrust clearance, and customary closing conditions.
“This acquisition of Day One Biopharmaceuticals marks another decisive step in strengthening Servier’s position in rare oncology,” Olivier Laureau, president of Servier, said in the joint press release.
