BOULDER, Colo.--(BUSINESS WIRE)--Apr. 16, 2018--
Clovis Oncology, Inc. (NASDAQ:CLVS) announced today that it has
commenced two separate underwritten public offerings of convertible
senior notes and common stock.
Clovis intends to offer, subject to market and other conditions, $200
million 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 $30 million 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, $100 million 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 $15 million 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 United
States 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.
J. P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint
book-running managers for each of the offerings.
The offerings are subject to market and other conditions, and there can
be no assurance as to whether or when the offerings may be completed, or
as to the actual size or terms of the offerings. The closing of each
offering is not contingent on the closing of the other offering.
The common stock and the convertible notes are being offered pursuant to
an effective shelf registration statement that Clovis has filed with the
Securities and Exchange Commission (“SEC”). Before you invest, you
should read the prospectus in that registration statement and other
documents Clovis has filed with the SEC for more complete information
about Clovis and these offerings. Each offering is being made only by
means of a prospectus supplement and the related prospectus relating to
such offering. Copies of the applicable prospectus supplement and
related prospectus relating to each offering may be obtained from J. P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717 or by calling toll-free (866)
803-9204, or from BofA Merrill Lynch, NC1-004-03-43, 200 North College
Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department,
or by calling 1-800-294-1322 or by email to email@example.com.
You may also obtain these documents free of charge when they are
available by visiting EDGAR on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of these
securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About Clovis Oncology
Clovis Oncology, Inc. is a biopharmaceutical company focused on
acquiring, developing and commercializing innovative anti-cancer agents
in the U.S., Europe and additional international markets. Clovis
Oncology targets development programs at specific subsets of cancer
populations, and simultaneously develops, with partners, 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 and has additional offices in San
Francisco, California and Cambridge, United Kingdom.
To the extent that statements contained in this press release are not
descriptions of historical facts regarding Clovis Oncology, they are
forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve substantial risks and uncertainties
that could cause our actual results, performance or achievements to
differ significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among
others, the timing and size of the offerings, the conditions affecting
the capital markets, general economic, industry, or political
conditions, and the satisfaction of customary closing conditions related
to the proposed public offerings. Clovis Oncology undertakes no
obligation to update or revise any forward-looking statements. For a
further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these forward-looking
statements, as well as risks relating to the business of the company in
general, see the prospectus supplement and related prospectus for these
offerings as well as Clovis Oncology’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and its other reports filed with the
Securities and Exchange Commission.
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Source: Clovis Oncology, Inc.
Clovis Oncology, Inc.