Servier’s all‑cash $21.50/share acquisition of Day One leaves CCO with zero equity

On April 23, 2026, Servier completed its acquisition of Day One Biopharmaceuticals, a deal structured as an all-cash transaction. This merger saw common stockholders receive $21.50 per share, providing immediate liquidity for investors.

Day One's Chief Commercial Officer, Lauren Merendino, disposed of all her equity in the company in connection with the Servier merger. Merendino sold 60,157 shares of common stock. Additionally, she liquidated all her outstanding equity awards, which included various restricted stock units and stock option grants. Following these dispositions, records indicate that Lauren Merendino holds no remaining Day One shares or any derivative equity holdings. These awards converted into cash based on the $21.50 per-share merger consideration, with stock options receiving the cash value of the spread over their exercise prices, minus applicable taxes.

This complete disposition of equity by a key executive exemplifies a standard procedure in all-cash acquisitions. In these deals, all outstanding unvested stock options (rights to buy company stock at a predetermined price) and restricted stock units (promises of company stock at a future date) typically vest immediately prior to the merger's effective time. These newly vested equity awards, along with common shares, then convert into cash based on the agreed-upon per-share merger consideration. This ensures that all equity holders, including management, receive their payout as part of the transaction, creating a clean financial break. The market will now focus on the integration of Day One's assets and operations within Servier's structure and any further developments concerning Day One's product pipeline.