Mirati Therapeutics Garners Interest From Large Pharmas Ahead Of Much Awaited Data Next Month

Mirati Therapeutics Garners Interest From Large Pharmas Ahead Of Much Awaited Data Next Month
  • Mirati Therapeutics Inc MRTX is reportedly amid fresh takeover interest from large pharmaceutical companies ahead of updates on its drug pipeline. 
  • For some time, the cancer-focused company has been weighing strategic options, including a potential sale.
  • Related: Mirati's Adagrasib Shows Promising Efficacy In KRAS Mutated Colorectal Cancer.
  • Mirati is working with an adviser, and larger drugmakers have been studying the merits of a transaction, Bloomberg reported.
  • But currently, no formal bids have been made. The company has attracted takeover interest in previous years without leading to a deal. 
  • Mirati is developing a lung cancer treatment, Adagrasib, which the FDA is reviewing, with a decision expected on December 14. 
  • Mirati's lead drug candidate could generate more than $200 million in sales in the US and European Union by 2025, according to "conservative" estimates by Bloomberg Intelligence analysts.
  • The company is expected to release highly anticipated data at a Geneva conference in early December about its study on the use of Adagrasib with Merck & Co Inc's MRK Keytruda (pembrolizumab) in patients with a certain type of advanced non-small cell lung cancer. 
  • If the data show that the combination is safe, it could catalyze a sale of Mirati, the people said.
  • Price Action: MRTX shares closed 2.78% higher at $86.11 during premarket trading on the last check Wednesday.
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