Boulder-based Clovis Oncology Inc. on Tuesday announced it has commenced a public offering of shares of its common stock to raise $275 million. All shares of the common stock to be sold in the offering will be offered by Clovis Oncology.
Clovis is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets.
The company says it intends to use the net proceeds of the offering for general corporate purposes, including commercial planning and sales and marketing expenses associated with the potential launches of rociletinib and rucaparib, funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.
Rociletinib is a novel, oral, treatment for the treatment of non-small cell lung cancer. Rucaparib is an oral drug being tested to treat ovarian cancer.
J. P. Morgan Securities LLC is acting as lead manager of the underwriters for the offering.
In addition, Clovis Oncology intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares sold on the same terms and conditions.
