Clovis raises $205M in bumped-up follow-on

Clovis Oncology Inc. (NASDAQ:CLVS) raised $205 million through the sale of 5 million shares at $41 in an upsized follow-on underwritten by JPMorgan, BofA Merrill Lynch, Stifel and SunTrust. The price is a 7.7% discount to Clovis' closing price of $44.42 on Friday, before the offering was proposed.

Ahead of market hours on Tuesday, Clovis proposed to raise $175 million. It priced the offering after market close. Clovis slipped $1.47 to $42.95 on Tuesday. ...