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MRTX > SEC Filings for MRTX > Form 8-K on 1-Oct-2013All Recent SEC Filings

Show all filings for MIRATI THERAPEUTICS, INC.



Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities.

On October 1, 2013, Mirati Therapeutics, Inc. (the "Company") announced that it expects to terminate approximately 27 employees, or approximately 75% of the Company's total workforce, in connection with the closure of its Montreal, Quebec and Princeton, New Jersey offices (the "Restructuring"). The offices are being closed due to the Company consolidating its operations to the San Diego facility. The Company plans to partially offset this reduction in force by hiring additional personnel in the San Diego facility and by engaging third party services providers to perform certain functions. The Company's Board of Directors approved the Restructuring on September 25, 2013. The Company expects the terminations and office closures to be substantially completed by March 31, 2014.

The Company expects that it will incur pre-tax charges of approximately $1.5 million relating to the office closures, consisting of approximately $0.9 million in one-time cash severance payments and related benefits, approximately $0.2 million in office closing costs, and approximately $0.4 million in asset impairment charges. The Company expects to recognize substantially all of the pre-tax charges by the first quarter of 2014. Approximately $1.1 million of these charges are expected to result in future cash expenditures. The numbers set forth above are good faith estimates made as of the date of this filing and may change as a result of a number of factors, including the timing of the terminations and office closure.

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