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Mirati Therapeutics prices stock offering; proceeds to fund clinical development

Mirati Therapeutics Inc. priced an underwritten public offering of 1,612,903 common shares at $62 each.

The San Diego-based developer of cancer drugs expects to raise gross proceeds of about $100 million.

Net proceeds will go toward general corporate purposes, including clinical development costs for sitravatinib and MRTX849, drugs being evaluated in lung cancer patients, as well as preclinical development activities and working capital.

Underwriters have a 30-day option to buy up to 241,935 additional common shares.

The offering is expected to close on or about Jan. 22, subject to customary closing conditions.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Cowen and Co. LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the joint book-running managers for the offering.