Banking & Finance  January 3, 2017

Clovis hopes to raise $175M through public stock offering

BOULDER — Two weeks after the U.S. Food and Drug Administration granted accelerated approval of its ovarian-cancer drug, Boulder-based Clovis Oncology Inc. (Nasdaq:CLVS) has commenced a public offering of shares of its common stock to raise approximately $175 million.

Clovis’ shares surged after the FDA announcement in mid-December and closed Friday, Dec. 30, at $44.42.

All shares of the common stock to be sold in the offering will be offered by Clovis Oncology.

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Clovis said in a press release that it intends to use the net proceeds of the offering for general corporate purposes, including commercial planning and sales and marketing expenses associated with the launch of Rubraca (rucaparib) in the United States and, if approved by the European Medicines Agency, in Europe, funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.

P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. Stifel and SunTrust Robinson Humphrey are acting as co-managers for the offering.

In addition, Clovis said it intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares sold on the same terms and conditions. The offering is subject to market and other conditions.

The shares are being offered pursuant to an effective shelf registration statement.

 

BOULDER — Two weeks after the U.S. Food and Drug Administration granted accelerated approval of its ovarian-cancer drug, Boulder-based Clovis Oncology Inc. (Nasdaq:CLVS) has commenced a public offering of shares of its common stock to raise approximately $175 million.

Clovis’ shares surged after the FDA announcement in mid-December and closed Friday, Dec. 30, at $44.42.

All shares of the common stock to be sold in the offering will be offered by Clovis Oncology.

Clovis said in a press release that it intends to use the net proceeds of the offering for general corporate purposes, including…

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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