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Clovis shares rocket higher after FDA decision

Pills spilled over in bottle
Sandra Baker | Getty Images

Clovis Oncology shares shot up more than 30 percent Tuesday after the U.S. Food and Drug Administration accepted the company's new drug application.

The FDA has granted priority review status for Clovis' application for accelerated approval of rucaparib, an anti-cancer agent.

"The acceptance of the rucaparib [new drug application] submission represents an important milestone for rucaparib, and for Clovis," said CEO Patrick J. Mahaffy, in a press release. "There is tremendous need for additional therapeutic options for patients with advanced mutant BRCA ovarian cancer, and we look forward to cooperating with FDA on the rucaparib NDA review."

Clovis' stock sunk more than 67 percent in the past year.

Clovis' 12-month performance: