July 12, 2011

Clovis? IPO plan good sign for bioscience

BOULDER — Biopharmaceutical company Clovis Oncology Inc. plans to raise $150 million in an initial public offering, a possible indicator that future financing will pick up for other startup bioscience companies in the region, said Holli Riebel, president of the Colorado Bioscience Association.

Boulder-based Clovis Oncology announced its plan to raise the money June 23 in a registration filed with the U.S. Securities and Exchange Commission. The company plans to develop and market three anti-cancer products. Clovis cannot comment on the filing because it is in a “quiet period” with the SEC as required by law.

Riebel said she is “excited” by the IPO news, considering the current austere financial environment across the United States. She mentioned Clovis’ chief executive Patrick Mahaffy as one who is able to make things happen in the biotechnology world.

“This is just another example of the fantastic serial entrepreneurs we have in the state,” Riebel said of Mahaffy. “A lot of our companies are starting to see an uptick and getting financing to go to the next stage.”

Mahaffy and other former executives of Pharmion Corp. founded Clovis in April 2009. Pharmion was bought by Summit, New Jersey,-based Celgene Corp. for $3 billion in 2008 after developing oncology products in the United States and Europe.

Clovis’ stock pricing terms were undisclosed in the SEC filing. But some financial information listed in the filing indicates that stock may sell for about $15 per share, which would give the company a value of $555 million or so. Clovis has applied to be a part of the Nasdaq Global Market stock exchange under the symbol CLVS. J.P. Morgan and Credit Suisse are the lead financial institutions associated with the deal.

Current Clovis investors include industry heavyweights such as New Enterprise Associates venture capital and private equity firm with offices in Washington, D.C. and Menlo Park, California; and Pfizer Inc. (NYSE: PFE) biopharmaceutical company in New York City.

BOULDER — Biopharmaceutical company Clovis Oncology Inc. plans to raise $150 million in an initial public offering, a possible indicator that future financing will pick up for other startup bioscience companies in the region, said Holli Riebel, president of the Colorado Bioscience Association.

Boulder-based Clovis Oncology announced its plan to raise the money June 23 in a registration filed with the U.S. Securities and Exchange Commission. The company plans to develop and market three anti-cancer products. Clovis cannot comment on the filing because it is in a “quiet period” with the SEC as required by law.

Riebel said she is “excited” by…

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