Spectrum sells portfolio to Acrotech for $160M upfront cash, $140M in milestones

Spectrum Pharmaceuticals announced that it has entered into a definitive agreement to sell its portfolio of seven FDA-approved hematology/oncology products to Acrotech Biopharma, Acrotech Biopharma is a New Jersey-based wholly-owned subsidiary of Aurobindo Pharma USA. The seven products included in the sale are: FUSILEV, FOLOTYN, ZEVALIN, MARQIBO, BELEODAQ, for injection, EVOMELA for injection, and KHAPZORY. The products generated combined sales of $76.4M during the first nine months of 2018. The Boards of Directors of Spectrum Pharmaceuticals and Aurobindo have both approved the transaction, which is subject to regulatory approvals and expected to close within 90 days. Jefferies LLC is acting as exclusive financial advisor to Spectrum. Paul Hastings LLP is acting as exclusive legal counsel to Spectrum. Under the terms of the deal, Acrotech will make a $160M up-front cash payment and up to $140M in milestones.
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