The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Clovis Oncology, Inc. on January 24, 2023. The Court approved the asset purchase agreement between the debtor and Novartis Innovative Therapies AG, the stalking horse bidder, for a purchase price of $50 million in cash for FAP Therapeutic Assets. The debtor's assets include FAP Therapeutic Assets and Other Assets.

To qualify as a qualified bidder, interested parties should submit their bids by March 7, 2023 for FAP Therapeutic Assets and March 21, 2023 for Other Assets. The initial minimum overbid should be in the amount of $0.25 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on March 9, 2023 for FAP Therapeutic Assets and March 31, 2023 for Other Assets.

At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee of $6 million and expense reimbursement of $2 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 21, 2023 for FAP Therapeutic Assets and April 10, 2023 for Other Assets.