Mirati Therapeutics, Inc., a San Diego-based late-stage biotechnology company, has announced the pricing of an underwritten public offering of 4,335,397 shares of its common stock at a price to the public of US$202 per share, which consists of 3,960,397 shares to be sold by Mirati and 375,000 shares to be sold by a selling stockholder. The aggregate gross proceeds to Mirati from this offering are expected to be approximately US$800 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati. The offering is expected to close on or about October 30, 2020, subject to customary closing conditions.
Mirati has also granted the underwriters a 30-day option to purchase up to an additional 625,309 shares of common stock in connection with the public offering and the selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 25,000 shares of common stock in connection with the public offering. Mirati will not receive any proceeds from the sale of common stock by the selling stockholder.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by San Diego partners Cheston Larson and Matt Bush, with associates Anthony Gostanian, Michael Johnson, and Irene Fedoseienko. Advice was also provided on regulatory matters by Washington, D.C. partner Elizabeth Richards, with counsel Nicole Liffrig Molife, and associates Chad Jennings and Margaret Rote; and on IP matters by San Diego partner Chris Hazuka, with associate Brendan Haberle.