Six months after filing for bankruptcy, Clovis Oncology was hoping for a last gasp win for fading cancer drug Rubraca. But the FDA has rejected the company’s bid for approval of the PARP inhibitor as a first-line maintenance treatment for ovarian cancer patients who have responded to a round of chemotherapy.
Four months after filing for bankruptcy, Clovis Oncology has found a buyer for its remaining assets including the rights to ovarian cancer drug Rubraca. nnPharma& Schweiz GmbH of Switzerland submitted the highest bid at an auction on March 30, Clovis said (PDF) in an SEC filing. The agreement is for $70 million up front, plus an additional $50 million tied to regulatory milestones and $15 million in sales-related milestones. nnIf the purchase agreement is not consummated, Dr. Reddy’s Laboratories of India has been identified as a “back-up bidder,” the filing says. nnIn December, when Clovis filed for bankruptcy, it also revealed as part of the procedure that it was selling a cancer candidate, FAP-2286, to Novartis for $50 million, with an additional $334 million due if milestones are hit and $297 million if sales goals are reached.
When it comes to PARP inhibitor Rubraca, Clovis Oncology is having a hard time executing on its plan.
Clovis Oncology filed for Chapter 11 bankruptcy and will sell its assets through a supervised process. The first asset, investigational cancer treatment FAP-2286, will be sold to Novartis for up to $700 million.
BOULDER, Colo.--(BUSINESS WIRE)--Clovis Oncology, Inc. (NASDAQ:CLVS) (“Clovis” or the Company”), a biopharmaceutical company focused on acquiring, developing, and commercializing innovative anti-cancer agents in the U.S., Europe, and additional international markets, today announced that it and certain of its subsidiaries (collectively, the “Debtors”) have voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) and will seek to sell their assets through a court supervised sales process.
Dec 12 (Reuters) - U.S. drugmaker Clovis Oncology Inc (CLVS.O) on Sunday filed for bankruptcy protection in Delaware, hit by a fall in sales of its cancer drug and challenges in raising additional capital.
Clovis` Rubraca Receives Approval in Europe
With bankruptcy looming for Clovis Oncology, the company has defaulted on a loan by failing to make an interest payment that was due Nov. 1—with a 30-day grace period to Dec. 1, according to a securities filing (PDF).
Already teetering on the brink, Clovis Oncology was dealt another blow by the FDA.