Spectrum Pharmaceuticals Announces the Completion of the Sale of its Marketed Portfolio

 Spectrum Pharmaceuticals, Inc. (NASDAQ-GS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today completed the sale of its portfolio of seven FDA-approved hematology/oncology products to Acrotech Biopharma L.L.C., a step-down subsidiary of Aurobindo Pharma Limited, India.

"The completion of this sale marks a significant pivot point in Spectrum's history as we focus our efforts on our two promising late stage assets, ROLONTIS^® and poziotinib," stated Joe Turgeon, President and CEO of Spectrum Pharmaceuticals. "This transaction puts us in a strong capital position for the next chapter of our growth."

Under the terms of the agreement, Acrotech will make a $158.8 million up-front cash payment which represents the original payment of $160 million less certain purchase price adjustments for certain R&D activities. In addition, the company is eligible to receive up to $140 million in milestone payments. Spectrum has also reduced its staff by approximately 40 percent with the majority of impacted staff transitioning to Acrotech. Spectrum has retained a core group of commercial leadership talent to launch ROLONTIS^® and poziotinib.

The seven products included in the sale are: FUSILEV^® (levoleucovorin), FOLOTYN^®(pralatrexate injection), ZEVALIN^® (ibritumomab tiuxetan), MARQIBO^® (vinCRIStine sulfate LIPOSOME injection), BELEODAQ^® (belinostat) for injection, EVOMELA^®(melphalan) for injection, and KHAPZORY^TM (levoleucovorin).

Jefferies LLC acted as exclusive financial advisor to Spectrum. Paul Hastings LLP acted as exclusive legal counsel to Spectrum.

Register as Visitor to CPhI China 2019!