UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 8, 2020 (
(Exact name of registrant as specified in its charter)
|
|
| ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
| |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events |
On January 8, 2020, Clovis Oncology, Inc. (the “Company”) consummated its previously announced 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 used the proceeds of the Share Offering to repurchase from such Holders an aggregate of $123,417,000 principal amount of its 2024 Notes in privately negotiated transactions. The offer and sale of the Shares were made pursuant to the Company’s Registration Statement on Form S-3, Registration No. 333-235536, filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the prospectus supplement thereunder related to the Share Offering.
On January 7, 2020, the Company issued a press release announcing the pricing of the Share Offering which is attached hereto as Exhibit 99.1, the text of which is incorporated herein by reference.
A copy of the opinion of Willkie Farr & Gallagher LLP relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits:
Exhibit No. |
Description | |||
5.1 |
||||
23.1 |
Consent of Willkie Farr & Gallagher LLP (included in Exhibit 5.1) | |||
99.1 |
Press release of Clovis Oncology, Inc., issued January 7, 2020 | |||
104 |
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101) |
- 2 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 8, 2020
CLOVIS ONCOLOGY, INC. | ||
By: |
/s/ Paul Gross | |
Name: |
Paul Gross | |
Title: |
Executive Vice President, General Counsel and Chief Compliance Officer |
- 3 -
Exhibit 5.1
787 Seventh Avenue New York, NY 10019-6099 Tel: 212 728 8000 Fax: 212 728 8111 |
January 8, 2020
Clovis Oncology, Inc.
5500 Flatiron Parkway, Suite 100
Boulder, Colorado 80301
Re: | Registration Statement on Form S-3 |
Ladies and Gentlemen:
We have acted as counsel to Clovis Oncology, Inc., a corporation organized under the laws of the State of Delaware (the Company), in connection with the Companys offer and sale of 17,777,679 shares (the Shares) of common stock, par value $0.001 per share, of the Company (the Common Stock). The Shares are being offered pursuant to the Companys Registration Statement on Form S-3 initially filed with the U.S. Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Securities Act), on December 16, 2019 (File No. 333-235536), as amended by Pre-Effective Amendment No. 1 thereto filed with the Commission under the Securities Act on December 23, 2019 (as so filed and amended, the Registration Statement) and the related prospectus contained in the Registration Statement, as supplemented by the prospectus supplement, dated January 6, 2020 and filed with the Commission pursuant to Rule 424(b) under the Securities Act (as so supplemented the Prospectus). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein as to any other matter pertaining to the contents of the Registration Statement or the Prospectus, other than as expressly stated herein with respect to the issuance of the Shares.
We have examined copies of the Amended and Restated Certificate of Incorporation of the Company, as amended, the Amended and Restated Bylaws of the Company, the Registration Statement, the Prospectus, the Purchase Agreements (as defined below), all relevant resolutions adopted by the Companys Board of Directors (and the Financing Committee thereof), and other records, certificates and documents that we have deemed necessary for the purpose of the opinion expressed below. We have also examined and are familiar with originals or copies, certified or otherwise identified to our satisfaction, of such other documents, corporate records, papers, statutes and authorities as we have deemed necessary to form a basis for the opinion hereinafter expressed.
As to questions of fact material to the opinion expressed below, we have relied without independent check or verification upon certificates and comparable documents of public officials and officers and representatives of the Company and statements of fact contained in the documents we have examined. In our examination and in rendering our opinion expressed below, we have assumed (i) the accuracy of all documents and information furnished to us, (ii) the genuineness of all signatures of all parties; (iii) the authenticity of all corporate records, documents, agreements, instruments and certificates submitted to us as originals and the conformity to original documents and agreements of all documents and agreements submitted to us as conformed, certified or photostatic copies; and (iv) the capacity of natural persons.
NEW YORK WASHINGTON HOUSTON PALO ALTO SAN FRANCISCO PARIS LONDON FRANKFURT BRUSSELS MILAN ROME
Clovis Oncology, Inc.
January 8, 2020
Page 2
Based on the foregoing, and subject to the qualifications and assumptions set forth herein, we are of the opinion that the Shares have been duly authorized and, when issued, sold and paid for in accordance with the terms of any applicable purchase agreements entered into between the Company and the purchaser of such Shares (the Purchase Agreements) and as described in the Prospectus and, and duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers, will be validly issued, fully paid and non-assessable.
This opinion is limited to the General Corporation Law of the State of Delaware and to the specific legal matters expressly provided herein, and no opinion is expressed or implied with respect to the laws of other jurisdictions or any other laws of the State of Delaware or any legal matters not expressly addressed herein.
The opinion expressed herein is given as of the date hereof, and we assume no obligation to update or supplement such opinion after the date hereof.
We hereby consent to the filing of this opinion as an exhibit to the Companys Current Report on Form 8-K, which is incorporated by reference into the Registration Statement, and to the reference to our firm under the caption Legal Matters in the Prospectus. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.
Very truly yours,
/s/ Willkie Farr & Gallagher LLP
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 Companys cash position. Following the Note Repurchase, an aggregate of $139,583,000 principal amount of the Companys 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 SECs 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.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Clovis Oncology, they are forward-looking statements reflecting the current beliefs and expectations of management. Such forward-looking statements involve substantial risks and uncertainties that could cause Clovis Oncologys actual results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the conditions affecting the capital markets, general economic, industry, or political conditions, and the satisfaction of customary closing conditions related to the proposed Transactions. Clovis Oncology undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Clovis Oncologys Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other reports filed with the Securities and Exchange Commission.
Contacts: | ||||
Anna Sussman |
Breanna Burkart | |||
303.625.5022 |
303.625.5023 | |||
asussman@clovisoncology.com |
bburkart@clovisoncology.com |
# # #
2
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end
H-
Y4*/(*:*VG>ZH"2 E0*60FK#F Y\UWY_V!#>
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M_9GM&;;P+AV#MYDM!C EIKM,/>#L9';5VOJBJ_9KR;USDIQ>2'"1*CS
M##T^UU/_NL?3,T%^)53=N7[%OL7\WDG,MX3"PSP;@SB/Z:ZN[@!WO5I:+2=I
MC?"JG^IDD G9+&Q?@NYHD+IS/&I\"[79A'%7[@C$7 BHTE28"'55_NE3!GIR]$:A!7!R(\)L JL4?8T,(?2^==UJLD%N=":\
M%!Z'U$S5F28?Q8LG:'XC'#+V*FN.(A<2"S@^.2 A3 Q/+374E!G(-:@F6-I(
MX>ZQU&N9SO+$WV!#6VAEFB
Document and Entity Information |
Jan. 07, 2020 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001466301 |
Document Type | 8-K |
Document Period End Date | Jan. 07, 2020 |
Entity Registrant Name | Clovis Oncology, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-35347 |
Entity Tax Identification Number | 90-0475355 |
Entity Address, Address Line One | 5500 Flatiron Parkway |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Boulder |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80301 |
City Area Code | (303) |
Local Phone Number | 625-5000 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock par Value $0.001 per Share |
Trading Symbol | CLVS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |