Oct. 28 Quick Takes: Mirati raises $800M on KRAS data; BMS-insitro, Novartis-Molecular Partners, Genecast, Gracell, PureTech, Cerevel, Biodesix
Adagrasib readout helps Mirati build war chest
Response rate data in the closely-watched KRAS inhibitor race helped Mirati Therapeutics Inc. (NASDAQ:MRTX) raise $800 million in a follow-on via the sale of 4 million shares at $202 per share. Mirati’s stock rose to an all-time high of $211.50 on Monday after the company reported data for adagrasib (MRTX849); it’s still too early to tell how it will stack up against front-runner sotorasib from Amgen Inc. (NASDAQ:AMGN) on critically important durability metrics.
BMS, insitro to develop neurology treatments
Bristol Myers Squibb Co. (NYSE:BMY) and insitro Inc. agreed to a five-year discovery deal to develop therapies to treat amyotrophic lateral sclerosis and frontotemporal dementia. insitro, a two-year-old company founded by CEO Daphne Koller, will use its machine-learning platform to identify targets, and BMS will have the option to select targets to advance through commercialization. insitro will receive $50 million up front and will be eligible for more than $2 billion in milestones plus royalties...