Mirati Theraputics shares jump on take over rumors!

Mirati Therapeutics shares are up 20% on heavy trading volume

Mirati Therapeutics (MRTX) is attracting fresh takeover interest from large pharma companies, sources tell Bloomberg’s Michelle Davis and Dinesh Nair.

Mirati Therapeutics, Inc. is a clinical-stage oncology company. It develops product candidates to address the genetic and immunological promoters of cancer in the United States.

The company develops MRTX849, a KRAS G12C inhibitor, which is in Phase 1/2 clinical trial for treating non-small cell lung (NSCL), colorectal, pancreatic, and other cancers; and Sitravatinib, an investigational spectrum-selective kinase inhibitor that is in Phase 3 clinical trial for the treatment of NSCL cancer, as well as a KRAS G12D inhibitor program, which is in preclinical development. It has a collaboration and license agreement with BeiGene, Ltd. to develop, manufacture, and commercialize sitravatinib.

Sitravatinib

Sitravatinib (MGCD516) is an orally-available, small molecule inhibitor of a closely related spectrum of receptor tyrosine kinases (RTKs) including MET, TAM (Tyro3, AXL, MERTK) family, VEGFR family, PDGFR family, KIT, FLT3, TRK family, RET, DDR2, and selected EPH family members. Nivolumab is a human IgG monoclonal antibody that binds to the PD-1 receptor and selectively blocks the interaction with its ligands PD-L1 and PD-L2, thereby releasing PD-1 pathway mediated inhibition of the immune response, including anti-tumor immune response. RTKs have been implicated in mediating an immunosuppressive tumor microenvironment, which has emerged as a potential resistance mechanism to checkpoint inhibitor therapy. Inhibition of these RTKs by sitravatinib may augment anti-tumor immune response and improve outcomes by overcoming resistance to checkpoint inhibitor therapy.

On November 8th, Mirati Therapeutics (MRTX) reported a 3rd Quarter September 2022 loss of $3.09 per share on revenue of $5.4 million. The consensus estimate was a loss of $3.46 per share on revenue of $4.6 million.

The stock has a 52-week trading range of $32.96 to $154.17. Shares last traded at $89.50.

STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners.

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

KKR, CVC Capital to bid for Azko Nobel unit 

KKR, CVC Capital work on joint bid for Azko Nobel unit 

See Stockwinners.com Market Radar

 

Private equity firms KKR (KKR) and CVC Capital Partners have started to work on a joint bid for the specialty chemicals business of Akzo Nobel (AKZOY) specialty chemicals division, Bloomberg reports, citing people familiar with the situation.

Advent International and Apollo Global Management (APO) are also mulling offers for the unit, which may be valued at over EUR9B or $10.6B.

Akzo Nobel has said it plans to dispose of the unit, part of its defense against PPG Industries Inc.’s unsuccessful 26.9 billion euro takeover bid, and will solicit offers in September.

The sale process is at an early stage and no final decisions have been made, the people said.

Representatives for CVC, KKR, Advent, Apollo, Akzo Nobel declined to comment reports Bloomberg.

TURBULENT TIMES

The company has had a turbulent few months following the PPG offer, which was withdrawn in June.

Chief Executive Officer Ton #Buechner resigned last week for health reasons. That leaves new CEO Thierry #Vanlancker, who joined the company last year, to carry out the ambitious targets Akzo Nobel put forth as its defense against being sold.

Activist investor #Elliott Management Corp., which holds a stake in Akzo Nobel, is attempting to oust the company’s chairman.

STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to StockwinnersWe offer stock picks, option picks, daily stock upgrades, stock downgrades, and earnings reports that are delivered to your email.

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Translate »