Clovis Oncology Announces Exercise by Existing Holder of Option to Purchase an Additional $7.5 Million Aggregate Principal Am...
November 24 2020 - 6:06PM
Business Wire
Clovis Oncology, Inc. (NASDAQ: CLVS) announced today that
pursuant to the terms of that previously announced Exchange and
Purchase Agreement, dated as of November 4, 2020, by and between
Clovis Oncology and an existing holder of its securities named
therein (the “Holder”) relating to the offering of the Company’s
new series of 4.50% Convertible Senior Notes due 2024 (the “New
2024 Notes”), such Holder has elected to exercise its option to
purchase an additional $7.5 million aggregate principal amount of
the New 2024 Notes on the same terms. The settlement of the option
is expected to occur on November 27, 2020, subject to customary
closing conditions. Following the closing, there will be a total of
$57.5 million aggregate principal amount of the New 2024 Notes
outstanding.
Clovis Oncology intends to use the net proceeds from the sale of
the New 2024 Notes for general corporate purposes, including
repayment, repurchase or refinance of its debt obligations, sales
and marketing expenses associated with Rubraca® (rucaparib),
funding of its development programs, payment of milestones pursuant
to its license agreements, general and administrative expenses,
acquisition or licensing of additional product candidates or
businesses and working capital.
The offer and sale of the New 2024 Notes and the shares of
common stock issuable upon conversion of such New 2024 Notes have
not been registered under the Securities Act or any state
securities laws and, unless so registered, the New 2024 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 New 2024 Notes or any other
securities, nor will there be any sale of New 2024 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/20201124006042/en/
Anna Sussman 303.625.5022 asussman@clovisoncology.com
Breanna Burkart 303.625.5023 bburkart@clovisoncology.com
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