Clovis soars as a new round of PhIII Rubraca data looks promising — but roci scandal bites again with $142M settlement
Shares of Clovis Oncology soared 50% Monday morning, after the biotech reported a solid slate of progression-free survival data for its PARP drug Rubraca (rucaparib) that will help it line up right alongside rivals in the field, possibly eliminating an advantage held by Tesaro for access to a wider group of ovarian cancer patients.
Soon after the data hit, though, Clovis revealed in an SEC filing that it had tentatively reached a deal to settle a class action lawsuit brought by shareholders after Clovis’ disastrous setback on rociletinib, rejected by the FDA after questions arose about the dodgy data that had been circulated about that cancer therapy ahead of the FDA’s decision. The biotech is setting aside $142 million in cash and stock to settle allegations that it actively misled investors on roci. And Clovis also disclosed that it is under investigation by the SEC as well as the Justice Department over the roci case.
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