Clovis Oncology Acquires Ethical Oncology Science for up to $415M
Summary
Clovis Oncology (NASDAQ:CLVS), a Boulder, Colorado-based biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets, has acquired EOS (Ethical Oncology Science) S.p.A., a Milan, Italy-based biopharmaceutical company developing a novel targeted therapy to treat cancer.Founded in June 2006 by Silvano Spinelli, CEO and Chairman, Gabriella Camboni, Chief Operating Officer, and Ennio Cavalletti, VP Operations, EOS owns the exclusive global (excluding China) development and commercialization rights for lucitanib, an oral, dual-selective inhibitor of the tyrosine kinase activity of fibroblast growth factor (FGF) receptors 1 and 2 (FGFR1/2) and vascular endothelial growth factor (VEGF) receptors 1-3 (VEGFR1-3).Clovis, which holds exclusive rights for the agent in the U.S. and Japan, will collaborate with Servier on the global clinical development of lucitanib.Under the terms of the transaction, Clovis is acquiring EOS for an up-front payment of $200m and will pay an additional $65m in cash upon the initial approval of lucitanib by the U.S. Food and Drug Association (FDA).If these studies in breast cancer are completed, Clovis and Servier will pursue development of lucitanib as monotherapy and/or in combination with estrogen antagonists.