Fac­ing Chap­ter 11, Clo­vis sells Rubra­ca rights to Swiss phar­ma for $70M

Clo­vis On­col­o­gy has found a buy­er for its Rubra­ca rights as it goes through Chap­ter 11 pro­ceed­ings.

The com­pa­ny is sell­ing the rights to Switzer­land’s phar­ma& Schweiz for $70 mil­lion up­front, ac­cord­ing to an SEC fil­ing. Clo­vis could al­so re­ceive $50 mil­lion in reg­u­la­to­ry mile­stones and $15 mil­lion in sales mile­stones.

Phar­ma& won the rights af­ter Clo­vis con­duct­ed an auc­tion on March 30 and en­tered in­to the agree­ment on April 5, the fil­ing said. If the deal falls through, Dr. Red­dy’s will take on the rights as the “Back-Up Bid­der.”

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