Biotech Values

[DewDiligence]

CLVS' Rubraca sold in bankruptcy auction:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001466301/000119312523094018/d492602d8k.htm

On March 30, 2023, the Company conducted an auction (the “Auction”) to sell certain of its assets and rights associated with Rubraca (rucaparib) and the business and operations related to the development and exploitation thereof (the “Product Business”) pursuant to the Bidding Procedures. The Company determined that pharma& Schweiz GmbH (“Pharma&”) submitted the highest and otherwise best bid at the Auction.

Accordingly, on April 5, 2023, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Pharma& to sell the Product Business for an upfront payment of $70,000,000 (the “Upfront Payment”) and up to an additional $50,000,000 upon the successful achievement of specified regulatory milestones and $15,000,000 in later sales related milestones. Pursuant to the Asset Purchase Agreement, Pharma& will be responsible for the payment of up to $41,000,000 (the “Cure Cost Cap”) of Cure Costs (as defined in the Asset Purchase Agreement) in respect of the assigned contracts that are part of the Product Business, with the Company being responsible for the payment of Cure Costs above the Cure Cost Cap, if any.

I hadn't heard of Pharma& until now (https://www.pharmaand.com/ ).