Cash-strapped Clovis bums out investors with $85M offering

Floundering in its quest to compete against Big Pharma rivals, Clovis Oncology needs money—and it’s selling stock to get it.

The Boulder, CO-based company Tuesday said it would offer up $85 million in shares and give underwriters a 30-day option to buy up to $12.75 million more. It’ll use the cash infusion in part to market Rubraca, its entrant in the PARP inhibitor field, as well as repaying or refinancing debt, funding clinical development, buying or licensing candidate drugs and more.