Sept 24 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.