BioCentury
ARTICLE | Financial News

Portola, Mirati amend follow-ons

October 17, 2013 12:03 AM UTC

Portola Pharmaceuticals Inc. (NASDAQ:PTLA) and Mirati Therapeutics Inc. (NASDAQ:MRTX) both amended follow-ons on Wednesday. Portola plans to sell 4.5 million shares in its offering. If sold at Portola's close of $22.83 on Tuesday, before the amendment was announced, the company would raise $101.8 million. Last week, Portola proposed to raise up to $100 million, when its share price was $26.74. Morgan Stanley; Credit Suisse; Cowen; William Blair; and Sanford C. Bernstein are underwriters. Portola shareholders also plan to sell 342,290 shares in a concurrent secondary offering.

Portola's betrixaban, an oral Factor Xa inhibitor, is in Phase III testing for hospital and post-discharge prevention of venous thromboembolism (VTE) in high-risk acutely medically ill patients. The company, which raised $122.1 million in an IPO at $14.50 per share in May, was up $2.72 (12%) on the day. ...