18 April 2018 - - Boulder, Colorado anti-cancer agent specialist Clovis Oncology, Inc. (NASDAQ: CLVS) has commenced two separate underwritten public offerings of convertible senior notes and common stock, the company said.
Clovis intends to offer, subject to market and other conditions, USD 200m aggregate principal amount of its convertible senior notes due 2025 in an underwritten registered public offering.
In connection with this offering, Clovis intends to grant the underwriters a 30-day option to purchase up to an additional USD 30m aggregate principal amount of the convertible senior notes on the same terms and conditions.
The holders of the notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date, May 1, 2025. The interest rate, conversion rate and other terms of the notes will be determined at the time of pricing of the offering of the notes.
Clovis also intends to offer concurrently, subject to market and other conditions, USD100 m of shares of its common stock in an underwritten registered public offering.
In connection with this offering, Clovis intends to grant to the underwriters a 30-day option to purchase up to an additional USD 15m of shares of its common stock on the same terms and conditions.
All shares of the common stock to be sold in the offering will be offered by Clovis Oncology.
Clovis Oncology intends to use the combined net proceeds of the offerings for general corporate purposes, including sales and marketing expenses associated with Rubraca (rucaparib) in the US and, if approved by the European Commission in Europe, funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates, or businesses and working capital.
Clovis Oncology focuses on acquiring, developing, and commercializing anti-cancer agents in the US, Europe, and internationally. The company is headquartered in Boulder, Colorado, and has additional offices in San Francisco, California and Cambridge, UK.