Spectrum Pharmaceuticals will acquire Allos Therapeutics
Henderson-based Spectrum Pharmaceuticals Inc. said Thursday it would acquire Allos Therapeutics Inc. in a deal valued as much as $206 million.
Terms of the acquisition call for Spectrum to pay $1.82 a share plus 11 cents a share more if Westminster, Colo.-based Allos receives certain European regulatory approvals for its Folotyn drug by year's end and records sales in three European Union markets during 2013.
Folotyn generated about $50 million in U.S. sales last year as a therapy for relapsed or refractory peripheral T-cell lymphoma, an aggressive, hard-to-treat form of cancer of the white blood cells.
Separately, shares of Spectrum Pharmaceuticals tumbled after the drug developer said a potential cancer treatment missed its main goal in late-stage testing.
Spectrum said two clinical trials of its potential bladder cancer treatment apaziquone failed to show a statistically significant difference in the rate of tumor recurrence at two years. But the company said pooled data from the studies did show a statistically significant treatment effect.
The company may meet with the Food and Drug Administration to discuss future steps.
Spectrum shares fell $1.15, or 9.42 percent, Thursday to close at $11.06 on the Nasdaq Global Select Market.
According to Securities and Exchange Commission documents, Spectrum switched its corporate address from Irvine, Calif., to Henderson early last year. The company as kept is research and development building in Irvine.
The company focuses on developing and selling drugs with applications in cancer and hematology.
Last year, the company had
$193 million in sales and net income of $48.5 million, or 84 cents a share.
Contact reporter Tim O'Reiley at
toreiley@reviewjournal.com or 702-387-5290.
