Clovis Oncology gains on US label expansion for ovarian cancer drug

Shares of Clovis Oncology (Nasdaq: CLVS) gained 5.85% to $55.52 on the news that its PARP inhibitor Rubraca (rucaparib) had won US approval for an additional indication under priority review.

The US Food and Drug Administration approved Rubraca for maintenance treatment for adult patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in complete or partial response to platinum-based chemotherapy, regardless of BRCA mutation status – no biomarker testing required.

This provides the company with a better position in a growing market of PARP inhibitors with Lynparza (olaparib) from AstraZeneca (LSE: AZN), and with Zejula (niraparib), from Tesaro (Nasdaq: TSRO).