Clovis Oncology falls on bankruptcy filing

Clovis Oncology

12/12/2022 12:31

** Shares of cancer drugmaker Clovis Oncology  CLVS.O  fall
~11% premarket to 18 cents 
    ** Co files for bankruptcy in Delaware, hit by a fall in
sales of its cancer drug Rubraca
    ** CLVS receives commitment for up to $75 mln in
debtor-in-possession financing to provide necessary funding
during the Chapter 11 proceeding
    ** Co entered into stalking horse agreement with Novartis
Innovative Therapies AG to sell license rights to its pipeline
clinical candidate FAP-2286 for upfront payment of $50 mln 
    ** Co to receive up to an additional $333.75 mln after
achieving some development and regulatory milestones and $297
mln later, when it hits certain sales milestones
    ** In a filing at the U.S. Bankruptcy Court for the District
of Delaware, co estimated its assets to be in the range of $100
mln to $500 mln, with liabilities between $500 mln and $1 bln
    ** Up to Friday's close, stock had fallen ~93% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))