Mirati announces CEO resignation, then a $250M 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. Mi­rati’s shares $MRTX were up near­ly 2% in af­ter-hours trad­ing.

The “mu­tu­al­ly agreed” de­par­ture comes about nine months af­ter Mi­rati be­came a com­mer­cial-stage com­pa­ny, fol­low­ing in Am­gen’s foot­steps in se­cur­ing a drug ap­proval for a KRAS can­cer treat­ment, and as it looks to move be­yond a re­cent Phase III flop.

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