Clovis Oncology stock slides 10% premarket after company files for bankruptcy

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Clovis Oncology Inc. stock CLVS, -9.94% fell 10% in premarket trade Monday, after the biotech filed for Chapter 11 bankruptcy and said it would sell assets. The company has a commitment for up to $75 million in debtor-in-possession financing to provide the liquidity needed to restructure in bankruptcy and pay its vendors and customers. Before filing, the company entered a “stalking horse” agreement with Novartis AG to acquire the rights to its clinical candidate FAP-2286, for an upfront payment of $50 million and up to $333.75 million on achieving certain development and regulatory milestones. It will also get up to $297 million for reaching certain sales milestones. Clovis warned in November that it might be forced into bankruptcy as it was running out of cash.

This article was originally published by Marketwatch.com. Read the original article here.

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