Cancer company Clovis finding no takers -report

Sept 24 Tue Sep 24, 2013 5:58pm EDT

Sept 24 (Reuters) - Clovis Oncology, a developer of cancer drugs that had been looking for a potential buyer, is finding no takers, according to a report by Bloomberg, citing a person with knowledge of the matter.

Clovis, which has promising experimental drugs in early stages of testing but no marketed products, contacted potential buyers but no negotiations took place, the report said, adding that the company was now considering alternative options.

Clovis shares fell more than 11 percent to $65.10 in extended trading from a Nasdaq close at $73.52.

Reuters last week reported that Clovis was considering selling itself and had tapped Credit Suisse AG and J.P. Morgan to help it find a buyer, according to people familiar with the process.

Neither Clovis, Credit Suisse nor J.P. Morgan could immediately be reached for comment on the Bloomberg report.

Clovis, with a market value of about $2.2 billion, has seen its share price rise dramatically this year on speculation that it was a target for takeover by large drugmakers looking for potentially lucrative oncology products.

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