BOULDER, Colo.--(BUSINESS WIRE)--Clovis Oncology, Inc. (NASDAQ: CLVS) announced today that the initial purchasers of the previously announced offering of the Company’s 2.50% Convertible Senior Notes due 2021 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, have elected to exercise in full their option to purchase an additional $37.5 million aggregate principal amount of the Notes. With the exercise of the option, a total of $287.5 million aggregate principal amount of the Notes will be sold at the closing of the offering, which is expected to occur on September 9, 2014, subject to customary closing conditions.
Clovis intends to use the net proceeds of this offering for general corporate purposes, including funding of its development programs, payment of milestones pursuant to its license agreements, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.
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