Technology  May 18, 2020

Clovis launches $85M stock offering on heels of FDA approval

BOULDER — Days after it landed approval to use its flagship drug to treat prostate cancer, Clovis Oncology Inc. (Nasdaq: CLVS) said it intends to sell $85 million in new stock.

The Boulder cancer treatment company did not set a price, number or shares or a date for the sale in a filing to the U.S. Securities and Exchange Commission Monday. However, the underwriters J.P Morgan and Bank of America are entitled to buy $12.75 million worth of stock.

If sold around the company’s closing share price of $8.96 on Monday, Clovis could add about 9.5 million in shares to its existing 76.9 million shares outstanding.

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The U.S. Food and Drug Administration approved Rubraca for use in certain types of prostate cancer Friday. The drug, which generated $143 million in revenue in 2019, was previously approved only for ovarian cancer.

Clovis’ stock dropped 10% in after-hours trading after declining 7.53% during normal hours against the greater 3.8% increase n the Dow Industrial Average.

 

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BOULDER — Days after it landed approval to use its flagship drug to treat prostate cancer, Clovis Oncology Inc. (Nasdaq: CLVS) said it intends to sell $85 million in new stock.

The Boulder cancer treatment company did not set a price, number or shares or a date for the sale in a filing to the U.S. Securities and Exchange Commission Monday. However, the underwriters J.P Morgan and Bank of America are entitled to buy $12.75 million worth of stock.

If sold around the company’s closing share price of $8.96 on Monday, Clovis could add about 9.5…

Lucas High
A Maryland native, Lucas has worked at news agencies from Wyoming to South Carolina before putting roots down in Colorado.
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