---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-303179"
form_type: "8-K"
ticker: null
cik: "0001466301"
company_name: "Clovis Oncology, Inc."
filed_at: "2022-12-13T23:59:59+00:00"
generated_at: "2026-06-21T05:18:42.665503+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Clovis Oncology files Chapter 11, stalking-horse sale of FAP-2286 to Novartis for $50M upfront

## Summary
- Filed voluntary Chapter 11 petitions on Dec 11, 2022; will operate as debtor-in-possession.
- Stalking-horse agreement with Novartis to sell FAP-2286 for $50M upfront plus up to $630.75M in milestones.
- Received committed DIP financing of up to $75M from existing noteholders to fund operations during Chapter 11.
- Sale process under Section 363; competing bids solicited; common stock likely to receive no distribution.
- Engaged Perella Weinberg as restructuring investment banker; also seeking sale of other assets.

## SEC filing metadata
- accession: 0001193125-22-303179
- form_type: 8-K
- cik: 0001466301
- company_name: Clovis Oncology, Inc.
- filed_at: 2022-12-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.03, 2.04, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1466301/000119312522303179/0001193125-22-303179-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1466301/000119312522303179/d386858d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-303179
- JSON: https://secwatch.observer/filing/0001193125-22-303179.json
- Plain text: https://secwatch.observer/filing/0001193125-22-303179.txt

## Key facts
- Debt Financings
  Clovis Oncology, Inc. incurred credit facility of up to $75,000,000 with Certain holders of Convertible Senior Notes (Commitment Parties) and GLAS USA LLC at Not specified maturing Not specified.
  - Instrument: credit facility
  - Principal: up to $75,000,000
  - Counterparty: Certain holders of Convertible Senior Notes (Commitment Parties) and GLAS USA LLC
  - Rate: Not specified
  - Maturity: Not specified
  - Event: incurrence
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1466301/000119312522303179/0001193125-22-303179-index.htm
- Distress & Bankruptcy
  Clovis Oncology, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-12-11).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the District of Delaware
  - Petition: 2022-12-11
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1466301/000119312522303179/0001193125-22-303179-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.