Willkie represented biopharmaceutical company Clovis Oncology, Inc. in the transaction, which closed on May 21, 2020.
On May 18, 2020, Willkie client Clovis Oncology, Inc., a biopharmaceutical company, announced the pricing of approximately $90 million of its common stock in an underwritten public offering at a price to the public of $8.05 per share, before underwriting discounts and commissions. Clovis Oncology also granted to the underwriters a 30-day option to purchase up to an additional approximately $13.3 million of its common stock on the same terms and conditions. J. P. Morgan Securities LLC and BofA Securities, Inc. acted as joint book-running managers for the offering, which closed on May 21, 2020.
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.
Earlier this year, Willkie advised Clovis Oncology on a series of debt exchange transactions in which holders exchanged in the aggregate approximately $156.2 million principal amount of indebtedness for newly issued convertible notes and common stock of Clovis Oncology in privately negotiated transactions.
The Willkie deal team on the current transaction was led by partner Thomas Mark.