Clovis Oncology files Chapter 11, agrees to sell a drug asset
BOULDER and WILMINGTON, Delaware — Boulder-based Clovis Oncology Inc. (Nasdaq: CLVS) filed for Chapter 11 bankruptcy protection Sunday. Its filing claims liabilities far exceeding assets.
And some of those assets are for sale, including rights to an unapproved drug that Novartis Innovative Therapies AG said it would pay $681 million to secure if the drug receives regulatory approval.
Clovis reported on Dec. 1 to the U.S. Securities and Exchange Commission that it had defaulted on a loan and that it intended to file for bankruptcy protection. The company has struggled in recent months to market its only approved…
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