Mirati Therapeutics, Inc. (NASDAQ: MRTX) today announced the pricing of an underwritten public offering of 3,076,924 shares of its common stock at a price to the public of $97.50 per share. The aggregate gross proceeds from this offering are expected to be approximately $300.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati. The offering is expected to close on or about January 14, 2020, subject to customary closing conditions. Mirati has also granted the underwriters a 30-day option to purchase up to an additional 461,538 shares of common stock in connection with the public offering. All of the shares are being sold by Mirati.
Mirati expects to use the net proceeds from this offering for general corporate purposes, including expenses related to the clinical development of MRTX849 and sitravatinib, manufacturing scale-up, the preclinical development of a KRAS G12D inhibitor and the development of other preclinical programs, for the expansion of its organizational capabilities, including establishing commercial operations, and for working capital.
Goldman Sachs & Co. LLC, SVB Leerink and Cowen and Company, LLC are acting as joint book-running managers in the offering. Credit Suisse is acting as lead manager in the offering. JonesTrading Institutional Services LLC is acting as a co-manager in the offering.