We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Boulder-based Clovis’ stock has tripled in value this year. The company is working with advisers, including Credit Suisse AG in New York, to find a buyer, Bloomberg News reported on Tuesday, quoting sources. Credit Suisse spokesman Jack Grone declined to comment on the report.
Clovis spokeswoman Breanna Burkart said the company does not comment on “market rumors.”
“We were not the source of this story,” Burkart said.
Clovis (Nasdaq: CLVS) shares were trading at $72.89 around 3 p.m. in New York, or about 5 percent above the previous day’s close. Shares traded at a high of $81.70 earlier in the afternoon. The company reported a net loss of $18.3 million in its most recent quarterly report ended Sept. 30, 2013.
Clovis researchers are developing several anti-cancer drugs, most in partnership with national pharmaceutical companies.
Clovis Oncology raised $130 million in an initial public offering of 10 million shares in the fourth quarter of 2011. Patrick Mahaffy founded the company with other former executives of Boulder-based Pharmion Corp., which he also co-founded. Pharmion was sold to Celgene Corp. in Summit, New Jersey, for $2.9 billion in 2008. Clovis has additional offices in San Francisco, California and Cambridge, United Kingdom.