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Mirati Therapeutics prices $300M offering to fund drug development

Mirati Therapeutics Inc. priced its offering of 3,076,924 common shares at $97.50 each.

The San Diego-based biotechnology company also granted underwriters a 30-day option to buy up to an additional 461,538 common shares.

Gross proceeds are expected to be about $300 million. Net proceeds will be used to develop the company's lung cancer treatment sitravatinib and MRTX849, which is being developed to treat various cancers.

The remaining proceeds will also be used for other general corporate purposes and for working capital.

The offering is expected to close on or about Jan. 14.

Goldman Sachs & Co. LLC, SVB Leerink and Cowen and Co. LLC are acting as joint book-running managers in the offering, while Credit Suisse is acting as lead manager. JonesTrading Institutional Services LLC is serving as a co-manager.