Mi­rati an­nounces CEO res­ig­na­tion, then a $300M pub­lic of­fer­ing af­ter dis­clos­ing clin­i­cal plans

David Meek, the CEO of Mi­rati Ther­a­peu­tics, has re­signed from the biotech and its board, the San Diego drug de­vel­op­er said Tues­day af­ter the mar­kets closed.

Min­utes lat­er, Mi­rati al­so an­nounced plans for a $250 mil­lion pub­lic of­fer­ing, with $37.5 mil­lion more on the ta­ble for un­der­writ­ers, and re­port­ed a quar­ter­ly up­date. Overnight, the biotech in­creased the of­fer­ing size to 9.67 mil­lion shares for ex­pect­ed gross pro­ceeds of $300 mil­lion. Mi­rati priced the sale at $27.80 per share, its Tues­day clos­ing price, with a 30-day op­tion for an­oth­er 1.6 mil­lion shares. The com­pa­ny’s stock price $MRTX was up about 6% be­fore Wednes­day’s open­ing bell.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER