Clovis Oncology Inc. filed for bankruptcy and plans to sell its experimental cancer drug at an auction with Novartis Innovative Therapies making a binding, opening bid worth as much as $681 million.
Novartis has agreed to pay $50 million initially and another $630.75 million in payments if the cancer drug, FAP-2286, wins regulatory approval and later hits certain sale goals, Clovis said in a statement. The agreement will be considered the opening bid of a court-supervised auction, should a judge approve the deal and competing offers come in.
For Clovis, which once had a market value of over ...
