BioCentury
ARTICLE | Company News

Clovis off as BMS eyes PARP partnership, not M&A

July 31, 2017 11:21 PM UTC

Clovis Oncology Inc. (NASDAQ:CLVS) fell $13.21 (13%) to $84.81 on Monday as investors digested a deal between the biotech and Bristol-Myers Squibb Co. (NYSE:BMY) to run multiple trials with PD-1 inhibitor Opdivo nivolumab and Clovis' PARP inhibitor Rubraca rucaparib.

Clovis gained ground at the end of last week after BMS's EVP and CSO Thomas Lynch said on Thursday's earnings call that PARP "was an important target in oncology," adding that it is "very appealing from a scientific standpoint." Investors appear to have interpreted the statements as evidence that the pharma was interested in making an outright acquisition in the space. The biotech gained $4.82 to $92.25 on Thursday and tacked on another $5.77 on Friday to close the week at $98.02...

BCIQ Target Profiles

PARP