A Boulder oncology company has entered into a cancer drug agreement with a pharmaceutical giant.

Clovis Oncology Inc. (Nasdaq: CLVS) said it's partnering with Bristol-Myers Squibb Co. to evaluate the combination of Clovis' Rubraca drug with Bristol-Myers Squibb's Obdivo immunotherapy in ovarian cancer and breast cancer drug trials.

“We are very enthusiastic about studying Rubraca and Opdivo in combination, and the potential to create new treatment options for patients with multiple tumor types, as well as for patients beyond those with BRCA mutations. This substantial clinical collaboration in ovarian, triple-negative breast and prostate cancers represents a significant effort by Clovis and Bristol-Myers Squibb to realize that potential," said Patrick Mahaffy, president and CEO of Clovis Oncology, in a statement.

Wall Street wasn't thrilled with the news: In early Monday trading, shares in Clovis were falling, down more than $9 or more than 9 percent, to around $88.70.

Read more at the Denver Business Journal: http://bit.ly/2hfZQXd