After disclosing that it’s entered into a pact with Bristol-Myers Squibb (NYSE: BMY) on its cancer-fighting drug Rubraca, shares in Clovis Oncology (NASDAQ: CLVS) lost 13.5% of their value Monday.
While teaming up with biopharma giant Bristol-Myers Squibb would normally be viewed as a good thing, investors had sent shares soaring ahead of today’s announcement in hopes of an acquisition. Thus, they walked away today disappointed.
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