Mirati Therapeutics shares jump 38% as Sanofi said to explore acquisition

October 5, 2023 3:40 PM EDT

French pharmaceutical giant Sanofi (NASDAQ: SNY) is exploring a potential acquisition of cancer drugmaker Mirati Therapeutics (NASDAQ: MRTX), according to a report from Bloomberg, which cited people familiar with the matter. As a result, Mirati shares jumped more than 38% intra-day today.

The sources noted that discussions are ongoing, and there is no assurance that they will lead to a formal agreement. Additionally, Mirati may attract interest from other potential buyers.

Both Mirati's and Sanofi’s spokespersons declined to comment on the matter.

Mirati is in the process of introducing its first product, Krazati, to patients. This drug is used as a second-line treatment for a specific type of lung cancer characterized by a mutated KRAS gene. The Food and Drug Administration granted accelerated approval for Krazati in December.

By Davit Kirakosyan

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