Clovis Oncology’s stock offering nets $221.1M
BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) Monday said it had raised net proceeds of $221.1 million through a public stock offering that closed Jan. 9.
Clovis sold five million shares at $41 per share to the public and $38.54 per share to the underwriters, with the underwriters exercising an option to purchase an additional 750,000 shares. Details of the completed stock offering were revealed in an 8K filing with the U.S. Securities and Exchange Commission, Jan. 9.
The offering was first 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, closing Friday, Dec. 30, at $44.42.
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That momentum has continued into 2017, with the stock closing Jan. 9 at $50.86, up 10.5 percent.
Clovis said 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.
J.P. Morgan Securities LLC and BofA Merrill Lynch acted as joint book-running managers for the offering. Stifel and SunTrust Robinson Humphrey are acting as co-managers for the offering.
BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) Monday said it had raised net proceeds of $221.1 million through a public stock offering that closed Jan. 9.
Clovis sold five million shares at $41 per share to the public and $38.54 per share to the underwriters, with the underwriters exercising an option to purchase an additional 750,000 shares. Details of the completed stock offering were revealed in an 8K filing with the U.S. Securities and Exchange Commission, Jan. 9.
The offering was first announced two weeks after the U.S. Food and Drug Administration granted accelerated approval of…
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