Clovis Oncology Boosts Public Offering to $240M After Stock Booms

6/12/13Follow @MichaelXBD

Clovis Oncology’s great start to June might be getting better, with the Boulder, CO-based biopharmaceutical company announcing late Tuesday it was upsizing its underwritten public offering to $240 million.

Clovis Oncology (NASDAQ: CLVS) announced the offering Monday, but set the target amount at $170 million.

Clovis will offer 3,333,334 million shares of common stock at $72 per share, according to a news release from the company.

Clovis shares closed today at $72.10 after opening at $75.77. Clovis has a market cap of $1.9 billion.

The stock took off following Clovis’ announcement June 3 at the American Society of Clinical Oncology that a Phase 1 dose-escalation study of its CO-1686 compound yielded positive results. The compound is being studied as a treatment for non-small cell lung cancer.

Clovis shares were worth $36.58 at the close of trading the day before the announcement.

The offering is expected to close June 17, subject to customary closing conditions. The offering’s underwriters have a 30-day option to purchase up to an additional 486,110 shares of common stock from Clovis to cover over-allotments, if any, the announcement said.

You can read more about Clovis’s sudden surge in this Xconomy article.

Michael Davidson is the editor of Xconomy Boulder/Denver. He covers startups, venture capital, clean tech, energy, aerospace, telecoms, and whatever else happens above 5,280 feet. Contact him at mdavidson@xconomy.com. Follow @MichaelXBD

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