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Clovis Oncology will use proceeds from common stock offering to refinance debt

Clovis Oncology Inc. priced a registered direct offering of 17,777,679 common shares at $9.25 per share to certain holders of its senior notes.

The Boulder, Colo.-based biopharmaceutical company is offering the shares to a limited number of holders of its 4.50% convertible senior notes due 2024. Clovis plans to use the proceeds to repurchase from the same holders a total of $123.4 million of the 2024 notes in privately negotiated transactions.

On a net basis, the company will not receive any proceeds from the transactions and will pay customary fees and expenses. The share offer and the note repurchase will not have a material impact on the company's cash position.

After the note repurchase, an aggregate of $139,583,000 of the company's 2024 notes will be outstanding.

The share offer is expected to close Jan. 8, while the note repurchase will close after the closing of the share offering.

J.P. Morgan and BofA Securities were the exclusive agents to Clovis Oncology in connection with the share offer and the note repurchase.

Clovis Oncology develops therapies for cancer. In October 2019, the U.K.'s National Institute for Health and Care Excellence recommended the company's drug Rubraca to treat women with ovarian cancer after Clovis cut the therapy's price.