Clovis Oncology upsizes stock offering to $205M

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) Tuesday upsized and priced a stock offering of five million shares of common stock. The stock was priced at $41 per share, raising $205 million, versus the $175 million originally contemplated, according to a Clovis press release.

Additionally, underwriters of the offering have a 30-day option to purchase up to an additional 750,000 shares of Clovis common stock on the same terms and conditions.

The offering is expected to close Jan. 9 and was announced two weeks after the U.S. Food and Drug Administration granted accelerated approval of Clovis’ ovarian-cancer drug.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 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.


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