Drawing on strength of balance sheet, Zai enters KRAS field in China via Mirati deal

With shares trading near their all-time high and a hefty balance sheet giving it flexibility to spend, cross-border company Zai appears to be making larger and more ambitious deals, the latest being its $65 million upfront commitment for local rights to Mirati’s KRAS inhibitor program.

Zai Lab Ltd. (NASDAQ:ZLAB; HKEX:9688) obtained rights in Greater China to small molecule KRAS G12C inhibitor adagrasib (MRTX849) from Mirati Therapeutics Inc. (NASDAQ:MRTX). The deal, which includes the potential for $273 million in milestones plus tiered royalties ranging into the low 20s, covers mainland China, Hong Kong, Macao and Taiwan. Mirati may opt to co-commercialize the candidate in those territories...