Central nervous system-focused biotech Assertio Holdings announced this week that it would acquire Spectrum Pharmaceuticals, a Boston-based biopharmaceutical company focused on novel and targeted oncology treatments.
Back in 2018, anonymous sources interviewed by Bloomberg said that Spectrum was looking for a buyer, working with a financial advisor to potentially position itself for an acquisition.
Now, in the definitive merger agreement, Assertio Holdings will buy all outstanding shares of the company in an all-stock and contingent value rights transaction. As a part of the transaction, Spectrum will receive approximately $248 million upfront, as well as milestone payments.
Spectrum has one FDA approved drug and one in advanced development. Rolvedon, which was approved last fall, is meant to reduce the occurrence of febrile neutropenia in adult patients with non-myeloid malignancies who are undergoing treatment with myelosuppressive anti-cancer drugs that have a high likelihood of causing febrile neutropenia.
