Clovis Oncology, Inc.: going-concern / distress — Clovis Oncology files Chapter 11, stalking-horse sale of FAP-2286 to Novartis for $50M upfront

On December 11, 2022, prior to the filing of the Bankruptcy Petitions, the Company, certain holders of the Company’s Convertible Senior Notes (the “ Commitment Parties ”) and GLAS USA LLC, entered into a commitment letter (together with all exhibits and schedules thereto, the “ Commitment Letter ”), pursuant to which, and subject to the satisfaction of the applicable conditions precedent contained therein, including the entry by the Court of an interim order authorizing and approving the DIP Credit Facility (the “ Interim DIP Order ”), the Commitment Parties 3 committed to provide the Debtors with a debtor-in-possession credit facility in an aggregate principal amount of up to $75,000,000 (the “ DIP Credit Facility ” pursuant to the summary of terms set forth in Exhibit A to the Commitment Letter, the “ DIP Term Sheet ”), which, subject to the satisfaction of other certain conditions precedent to drawing as set forth in the DIP Term Sheet, will be made available to the Debtors in three

On December 11, 2022, Clovis Oncology, Inc. (the “ Company ”) and its subsidiaries, Clovis Oncology UK Limited and Clovis Oncology Ireland Limited (together with the Company, the “ Debtors ”) filed voluntary petitions (the “ Bankruptcy Petitions ”) under Chapter 11 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (such court, the “ Court ” and such cases, the “ Cases ”).