Clovis Oncology Announces Exercise by Initial Purchasers of Their Option to Purchase an Additional $13.0 Million Aggregate Pr...
23 August 2019 - 7:42AM
Business Wire
Clovis Oncology, Inc. (NASDAQ: CLVS) announced today that the
initial purchasers of the previously announced offering of the
Company’s 4.50% Convertible Senior Notes due 2024 (the “notes”) in
a private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended, have
elected to exercise their option to purchase an additional $13.0
million aggregate principal amount of the notes. The settlement of
the option is expected to occur on August 23, 2019, subject to
customary closing conditions. Following the closing, there will be
a total of $263.0 million aggregate principal amount of the notes
outstanding.
Clovis Oncology intends to use the net proceeds from the
exercise of this option for general corporate purposes, including
sales and marketing expenses associated with Rubraca® (rucaparib),
funding of Clovis Oncology’s development programs, payment of
milestones pursuant to Clovis Oncology’s license agreements,
general and administrative expenses, acquisition or licensing of
additional product candidates or businesses, repurchase or
repayment of other debt obligations and working capital.
The offer and sale of the notes and the shares of common stock
issuable upon conversion of the notes have not been registered
under the Securities Act or any state securities laws and, unless
so registered, the notes and any such shares may not be offered or
sold in the United States except pursuant to an applicable
exemption from the registration requirements of the Securities Act
and applicable state securities laws. This press release does not
constitute an offer to sell or the solicitation of an offer to buy
the notes or any other securities, nor will there be any sale of
notes or any other 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 jurisdiction.
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, 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 with additional office locations in the U.S. and
Europe.
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. Such forward-looking statements
involve substantial risks and uncertainties that could cause Clovis
Oncology’s 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 conditions affecting the capital markets, general
economic, industry, or political conditions, and the satisfaction
of customary closing conditions related to the proposed offering.
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
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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version on businesswire.com: https://www.businesswire.com/news/home/20190822005695/en/
Anna Sussman 303.625.5022 asussman@clovisoncology.com Breanna
Burkart 303.625.5023 bburkart@clovisoncology.com
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