Exhibit 99.1
Clovis Oncology Announces Debt Refinancing Transaction
Boulder, CO, January 7, 2020 – Clovis Oncology, Inc. (NASDAQ: CLVS) (the “Company”) announced today that on January 6, 2020 it priced a registered direct offering (the “Share Offering”) of an aggregate of 17,777,679 shares (the “Shares”) of its common stock at a price of $9.25 per share to a limited number of holders (the “Holders”) of its 4.50% Convertible Senior Notes due 2024 (the “2024 Notes”). The Company intends to use the proceeds of the Share Offering to repurchase from such Holders an aggregate of $123,417,000 principal amount of its 2024 Notes (the “Note Repurchase”, and collectively with the Share Offering, the “Transactions”) in privately negotiated transactions. J.P. Morgan and BofA Securities acted as the exclusive agents to the Company in connection with the Transactions.
On a net basis, the Company will not receive any proceeds from the Transactions and will pay customary fees and expenses in connection therewith. Therefore, the Transactions will not have a material impact on the Company’s cash position. Following the Note Repurchase, an aggregate of $139,583,000 principal amount of the Company’s 2024 Notes will be outstanding.
The Share Offering is expected to close on January 8, 2020, subject to customary closing conditions. The Note Repurchase is expected to close promptly following the closing of the Share Offering, subject to customary closing conditions.
The Share Offering is being offered pursuant to an effective shelf registration statement that Clovis has filed with the Securities and Exchange Commission (“SEC”). The offering is being made only by means of a prospectus supplement and the related prospectus relating to such offering. Copies of the prospectus supplement and related prospectus relating to the Share Offering may be obtained free of charge when it is available by visiting EDGAR on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Clovis Oncology
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.
