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Clovis raises $240M in bumped-up follow-on

June 13, 2013 12:44 AM UTC

Clovis Oncology Inc. (NASDAQ:CLVS) raised $240 million through the sale of 3.3 million shares at $72 in a bumped-up follow-on underwritten by JPMorgan; Credit Suisse; and Leerink. Clovis said it planned to raise $170 million in the offering Monday, when its share price was $71.83. The company's shares added 96% last week after Clovis presented Phase I data for two cancer compounds at the American Society of Clinical Oncology meeting in Chicago (see BioCentury, June 10).

Clovis has rights to CO-1686 from Avila Therapeutics Inc., which Celgene Corp. (NASDAQ:CELG) acquired, as well as exclusive, worldwide rights to rucaparib from Pfizer Inc. (NYSE:PFE). CO-1686 is a small molecule that inhibits the T790 EGFR mutant and the initial activating EGFR mutations, and rucaparib is an oral inhibitor of poly (ADP-ribose) polymerase-1 ( PARP-1) and PARP-2. ...