Day One Biopharma Expands Pipeline with $55 Million Acquisition of MabCare’s Phase 1-Ready ADC

1. Deal Details: Day One Biopharma acquired the rights to MabCare's antibody drug conjugate (ADC) for $55 million upfront, with potential milestone payments of up to $1.152 billion and royalties on net sales.
2. Target: The ADC, renamed DAY301, targets protein-tyrosine kinase 7 (PTK7), a protein overexpressed in certain cancer cells.
3. Cancer Indications: DAY301 has potential applications in treating esophageal, ovarian, lung, endometrial, neuroblastoma, rhabdomyosarcoma, and osteosarcoma cancers.
4. Business Model: Day One's strategy involves securing rights to drug candidates initially developed by other companies, as seen with its previous FDA-approved drug Ojemda, licensed from Takeda Pharmaceutical.
5. Pipeline Expansion: This acquisition marks Day One's entry into the ADC space, expanding its pipeline, which includes pimasertib for MAPK-altered solid tumors and a VRK1 inhibitor in preclinical development.