Business & Finance
Clovis Oncology Enters into Non-Dilutive Clinical Trial Financing with TPG Sixth Street Partners for up to USD 175m
6 May 2019 - - US-based Clovis Oncology, Inc. (NASDAQ: CLVS) has entered into an agreement for up to USD 175m in non-dilutive clinical trial financing with certain affiliates of TPG Sixth Street Partners to reimburse Clovis' costs and expenses related to the ATHENA clinical trial, the company said.

ATHENA is Clovis Oncology's largest clinical trial, with a planned target enrollment of 1000 patients across more than 270 sites in at least 25 countries.

The Clovis-sponsored Phase 3 ATHENA study in advanced ovarian cancer is the first-line maintenance treatment setting evaluating rucaparib (Rubraca) plus nivolumab (PD-1 inhibitor), rucaparib, nivolumab and placebo in newly-diagnosed patients who have completed platinum-based chemotherapy.

This study initiated in Q2 2018 and is currently enrolling patients.

Under the terms of the agreement, financing for ATHENA clinical trial expenses will be paid quarterly, in arrears, beginning Q2 2019 generally through 1H 2022 after a potential first-line ovarian cancer maintenance approval for Rubraca.

Clovis would begin to repay the loan beginning with the approval by the FDA of an expansion of the Rubraca label indication resulting from the ATHENA trial or in 1H 2022, or sooner in the event the trial is terminated, or the company determines that the results of the ATHENA Trial are insufficient to achieve such an expansion of the Rubraca label to cover an indication based on the ATHENA trial.

Payments are based on a certain percentage of the revenues generated from the sales, and any future out-licensing, of Rubraca with quarterly payment caps depending on trial outcome.

The potential maximum amount that could be required to be repaid under the agreement is two times the aggregate borrowed amount. For a more detailed description of the terms of the Financing, please see our Current Report on 8-K filed with the SEC TODAY.

Rucaparib is an oral, small molecule inhibitor of PARP1, PARP2 and PARP3 being developed in multiple tumor types, including ovarian and metastatic castration-resistant prostate cancers, as monotherapy, and in combination with other anti-cancer agents.

Exploratory studies in other tumor types are also underway.

Clovis Oncology is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the US, Europe and additional international markets.

Clovis Oncology targets development programs at specific subsets of cancer populations, and simultaneously develops, with partners, for those indications that require them, diagnostic tools intended to direct a compound in development to the population that is most likely to benefit from its use. Clovis Oncology is headquartered in Boulder, Colorado; visit for more information, including additional office locations in the US and Europe.

TPG Sixth Street Partners is a global finance and investment business with over USD 30bn in assets under management.