Clovis Jumps as Cancer Drug Gets Priority for FDA Review

Clovis Oncology Inc. shares soared after the U.S. Food and Drug Administration granted a faster review process to the company’s experimental ovarian cancer drug rucaparib.

The FDA scheduled a decision to be made on the drug by Feb. 23, 2017, the Boulder, Colorado-based company said Tuesday in a statement. Rucaparib was designated a breakthrough therapy by the FDA in April 2015. The FDA gives that designation to drugs that may bring substantial improvement over available treatments and is intended to speed up the process of development and review.