Brief: Clovis Oncology Files For Chapter 11 Protection And Enters Agreement To Sell FAP-2286

Clovis Oncology

12/12/2022 05:24

Dec 12 (Reuters) - Clovis Oncology Inc  CLVS.O :
    * CLOVIS ONCOLOGY FILES FOR CHAPTER 11 PROTECTION AND ENTERS
INTO
AGREEMENT TO SELL FAP-2286
    * SAYS RECEIVES COMMITMENT FOR UP TO $75 MILLION IN
DEBTOR-IN-POSSESSION FINANCING
    * SAYS CO AND SOME UNITS WILL SEEK TO SELL THEIR ASSETS
THROUGH A
COURT SUPERVISED SALES PROCESS.
    * CLOVIS - ACTIVELY ENGAGED IN DISCUSSIONS WITH A NUMBER OF
INTERESTED PARTIES WITH RESPECT TO A POTENTIAL SALE OF ONE OR
MORE OF ITS OTHER ASSETS
    * CLOVIS ONCOLOGY -ENTERED "STALKING HORSE" AGREEMENT WITH
NOVARTIS AG TO ACQUIRE SUBSTANTIALLY ALL OF RIGHTS OF CO TO
PIPELINE CLINICAL CANDIDATE, FAP-2286
    * CLOVIS ONCOLOGY -AGREEMENT WITH NOVARTIS INNOVATIVE FOR
UPFRONT
PAYMENT OF $50 MILLION,UPTO ADDITIONAL $333.75 MILLION UPON
ACHIEVEMENT OF MILESTONES AND $297 MILLION IN LATER MILESTONES

Source text for Eikon:  ID:nBwb83pbca 
Further company coverage:  CLVS.O 
 ((Reuters.Briefs@thomsonreuters.com;))