Mirati Therapeutics Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

On November 9, 2021, Mirati Therapeutics (Nasdaq: MRTX) announced a proposed underwritten public offering of $500 million in common stock. The underwriters may purchase an additional 15% of shares within 30 days of the offering. The company has filed a shelf registration statement with the SEC. No assurance is given regarding the timing or completion of the offering. Goldman Sachs, SVB Leerink, and Cowen are managing the offering. The offering aims to fund developments in cancer therapeutics, including investigational drugs targeting KRAS mutations.

Positive

• Proceeds from the offering are intended to support the advancement of cancer therapies.
• Mirati is advancing its pipeline, including key investigational drugs like adagrasib and sitravatinib.

Negative

• Potential shareholder dilution due to the offering of $500 million.

SAN DIEGO, Nov. 9, 2021 /PRNewswire/ -- Mirati Therapeutics, Inc. (Nasdaq: MRTX) a clinical-stage oncology company, today announced that it intends to offer and sell in an underwritten public offering $500 million of shares of its common stock. In addition, Mirati expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the total shares offered in the public offering at the public offering price, less the underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Goldman Sachs & Co. LLC, SVB Leerink LLC and Cowen and Company, LLC are acting as joint book-running managers for the proposed offering.

The securities described above are being offered pursuant to a shelf registration statement filed by Mirati with the Securities and Exchange Commission ("SEC") that became automatically effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or from SVB Leerink LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbleerink.com; or from Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Mirati Therapeutics

Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Mirati is using its scientific expertise to develop novel solutions in two registration-enabling programs: adagrasib (MRTX849), an investigational small molecule, potent and selective KRAS^G12C inhibitor, as monotherapy and in combination with other agents, and sitravatinib, an investigational spectrum-selective inhibitor of receptor tyrosine kinases in combination with checkpoint inhibitor therapies. Mirati is also advancing its differentiated preclinical portfolio, including MRTX1133, an investigational KRAS^G12D inhibitor, MRTX1719, an investigational PRMT5 inhibitor, and other oncology discovery programs. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements," including without limitation statements regarding the proposed public offering. Forward-looking statements are typically, but not always, identified by the use of words such as "may," "will," "would," "believe," "intend," "plan," "anticipate," "estimate," "expect," and other similar terminology indicating future results. Forward-looking statements are based on current expectations of management and on what management believes to be reasonable assumptions based on information currently available to them, and are subject to risks and uncertainties. Such risks and uncertainties may cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as other risks detailed in Mirati's recent filings on Forms 10-K and 10-Q with the SEC. Except as required by law, Mirati undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated event.

Investor Relations

Temre Johnson
r@mirati.com
(858) 332-3562

Media Relations

Priyanka Shah
media@mirati.com
(908) 447-6134

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SOURCE Mirati Therapeutics, Inc.

FAQ

What is the purpose of Mirati Therapeutics' $500 million stock offering?

The $500 million stock offering aims to support the development of cancer therapies.

How much additional stock can underwriters purchase in Mirati's offering?

Underwriters can purchase up to an additional 15% of the total shares offered.

What are the risks associated with Mirati's public offering on November 9, 2021?

Risks include potential shareholder dilution and uncertainties regarding the offering's completion.

Who are the underwriters for Mirati Therapeutics' stock offering?

Goldman Sachs, SVB Leerink, and Cowen are acting as joint book-running managers.