Clovis prices $250M note deal

Clovis Oncology Inc. (NASDAQ:CLVS) raised $250 million through the sale of convertible senior notes to institutional investors. The notes bear 2.5% interest and mature on September 15, 2021. The notes initially convert at $61.88, a 28% premium to Clovis' close of $48.30 on Tuesday, before it proposed to raise $200 million in the offering.

Clovis' rucaparib ( CO-338) is in the Phase III ARIEL3 trial to treat platinum-sensitive, relapsed ovarian, fallopian tube or primary peritoneal cancer. Clovis has exclusive, worldwide rights to the oral inhibitor of poly(ADP-ribose) polymerase-1 (PARP-1) and PARP-2 from Pfizer Inc. (NYSE:PFE). ...