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Clovis goes bankrupt with deal to sell cancer drug candidate to Novartis

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Clovis Oncology Inc., maker of ovarian and prostate cancer drug Rubraca, filed for bankruptcy over the weekend with a proposed deal underway to sell its rights to a cancer therapy in development to the Swiss pharmaceutical giant Novartis AG.

Novartis Innovative Therapies AG has agreed to make an upfront payment of $50 million for Clovis’ clinical candidate, FAP-2286, and could pay an additional $333.75 million if certain development milestones are reached, plus $297 million dollars for subsequent sales targets.

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wsj

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