HENDERSON, Nev. (AP) – Drugmaker Spectrum Pharmaceuticals announced that a potential cancer treatment it is developing has missed its main goal in late-stage testing.
The Henderson, Nev., company also said it signed an agreement to acquire Allos Therapeutics Inc. in a deal valued at up to $206 million.
On the drug test, 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.
In its acquisition, Spectrum said it will pay $1.82 per share for each outstanding share of Allos.
Allos shareholders also will receive a contingent value right to an additional payment of 11 cents per share if it achieves some European regulatory and commercialization milestones for the cancer drug Folotyn.
The boards of directors for both companies have unanimously approved the deal.
Folotyn is approved in the U.S. as a treatment for peripheral T-cell lymphoma in patients who have suffered a relapse or who have not responded to previous treatment.
Spectrum sells two oncology drugs, Zevalin, which is approved to treat a form of non-Hodgkin’s lymphoma, and Fusilev, which treats the side effects of methotrexate, a drug used in chemotherapy.
Spectrum Chairman and CEO Dr. Rajesh C. Shrotriya said in a statement the deal accelerates its hematology franchise development and “affirms our commitment to becoming a leader in the treatment of lymphoma.”
Date: April 4, 2012
Source: Associated Press
Filed Under: Drug Discovery
