US drugmaker Clovis files for bankruptcy
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US DRUGMAKER Clovis Oncology has filed for Chapter 11 bankruptcy in Delaware, after facing a decline in cancer drug sales and challenges in raising additional capital.
In a court filing at the US Bankruptcy Court for the District of Delaware on Sunday (Dec 11), the company said it had liabilities of between US$500 million and US$1 billion. It estimated its assets to be worth about US$100 million to US$500 million.
Clovis on Nov 9 reported that it would “not have sufficient liquidity to maintain (its) operations beyond January 2023”.
It said that sales of its only approved drug, Rubraca, were hit by intensifying competition from rival ovarian cancer treatments, and by lower cancer diagnoses during Covid-related lockdowns.
Rubraca sales fell 10 per cent to US$148.8 million in the financial year 2021, from US$164.5 million a year earlier.
Clovis also highlighted future regulatory uncertainty around the drug, as health regulators focused more on data regarding the life-extension effects of cancer treatments.
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Earlier this year, the company withdrew Rubraca as a third-line treatment in Europe and the United States, after data from a late-stage study failed to show that the drug improved overall survival. REUTERS
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