Clovis Oncology Inc. (NASDAQ:CLVS) raised $400 million Monday from two offerings underwritten by J.P. Morgan and BofA Merrill Lynch.
The cancer company raised $100 million through the sale of 1.8 million shares at $54.41 in a follow-on and $300 million through the sale of 1.25% convertible senior notes due 2025 in a bumped-up offering. The notes have an initial conversion price of about $76.17.
Before market hours Monday, the company proposed the follow-on and a $200 million notes offering. The follow-on price is an 11% discount to Clovis' close of $60.64 on Friday.
This month, FDA approved an sNDA for Clovis' Rubraca rucaparib as maintenance treatment for women with recurrent, platinum-sensitive ovarian cancer, regardless of BRCA mutation status. FDA also converted to regular approval its accelerated approval of Rubraca to treat germline or somatic BRCA-mutant advanced ovarian cancer in a third-line setting (see BioCentury Extra, April 6).
Clovis slid $1.14 to $53.27 on Tuesday.