SANOFI IS EXPLORING ACQUISITION OF CANCER DRUG MAKER MIRATI

French pharmaceutical giant Sanofi is exploring a potential acquisition of cancer drug maker Mirati Therapeutics Inc., according to people familiar with the matter. Mirati’s shares surged 45 percent — the most since 2017 — in New York trading. The shares, which had fallen 37 percent in the the past year through Wednesday, closed Thursday at $62.38, elevating the San Diego-based company’s market value to about $4.2 billion. Boston-based Tango Therapeutics Inc., a rival to Mirati, also saw its shares end sharply higher Thursday. Sanofi has been studying a deal for Mirati, the people said, asking not to be identified because the information is private. A spokesperson for Mirati said that it doesn’t comment on market rumors or speculation. A representative for Sanofi also said it doesn’t comment on market rumors. Mirati is in the process of rolling out its first product to patients, a drug called Krazati that’s used as a second-line treatment for a type of lung cancer in which the the KRAS gene has mutated. The company received accelerated approval from the Food and Drug Administration for the drug in December. Shares of Tango Therapeutics, which is developing similar cancer drug candidates, closed up almost 14 percent on Thursday after earlier jumping as much as 23 percent. The company has a market value of about $1.2 billion. Sanofi has been aggressively adding to its portfolio of treatments. It struck two deals this week to gain new experimental treatments for bowel disease and an invasive form of a digestive pathogen.