Clovis completes public debt and stock offerings; nets $386mm

Clovis Oncology Inc. (developing cancer drugs and companion diagnostics) netted $386mm through concurrent debt and stock offerings. In the first transaction, the company issued $300mm principal amount (net $292mm) of its 1.25% senior notes due 2025, which convert to common at a rate of 13.1278 shares per $1k (or $76.17 per share). Clovis also sold 1.8mm of its common shares at $54.41 for net proceeds of $94. Funds from both offerings will support ongoing corporate needs, including marketing expenses associated with Rubraca (rucaparib) for ovarian cancer in the US (and Europe, once approved).