Clovis Oncology, Inc. (NASDAQ: CLVS) announced today that it has commenced an underwritten public offering of common stock.

Clovis Oncology intends to offer, subject to market and other conditions, $85 million of shares of its common stock in an underwritten registered public offering. In connection with this offering, Clovis Oncology intends to grant to the underwriters a 30-day option to purchase up to an additional $12.75 million of shares of its common stock on the same terms and conditions. All shares of the common stock to be sold in the offering will be offered by Clovis Oncology.

Clovis Oncology intends to use the net proceeds of this offering for general corporate purposes, including repayment, repurchase or refinance of its debt obligations, sales and marketing expenses associated with Rubraca® (rucaparib), 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.

J. P. Morgan Securities LLC and BofA Securities are acting as joint book-running managers for the offering.

The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.