Mirati Therapeutics Inc. priced an underwritten public offering of 2,750,000 common shares at $38.85 apiece to raise $123.2 million in gross proceeds.
The San Diego-based oncology company is also offering certain investors pre-funded warrants to buy a total of 421,650 common shares at $38.849 per warrant in lieu of common stock.
Mirati granted the underwriters an option to buy up to an additional 412,500 shares in the offering.
The closing of the offering is expected to occur June 11, subject to customary closing conditions.
Mirati will use the net proceeds for general corporate purposes, including costs associated with the development of its cancer drugs sitravatinib and mocetinostat, the preclinical and clinical development of its KRAS inhibitor, the development of other preclinical programs as well as working capital.
Cowen, Barclays and SunTrust Robinson Humphrey are acting as joint book-running managers in the offering, with Oppenheimer & Co. Inc. as lead manager and H.C. Wainwright & Co. as co-manager.
