Recently, Allos Therapeutics Inc. (ALTH) and Spectrum Pharmaceuticals (SPPI) appear the addendum of the action aeon for the acquirement of the absolute outstanding accepted b of the former. The action period, which was set to expire on August 20, 2012, has been continued until September 4, 2012 (5 PM ET).
We agenda that the buyout action was continued to accredit both companies to accede with the appeal of the Federal Trade Commission for added advice apropos the accord beneath the antitrust laws. The companies declared that as of August 17, 2012, 59.9% of Allos’ outstanding shares had been tendered. We agenda that the breakable action aeon has been continued absolutely a few times ahead too.
We admonish investors that the accord was appear in April 2012. Per the agreement of the deal, Spectrum Pharma will access Allos for $1.82 per allotment in cash, in accession to one accidental amount appropriate (CVR). The CVR, which will not be traded in the accessible domain, makes anniversary Allos actor acceptable to accept a added $0.11 per allotment in banknote depending on the codicillary European approval and accomplishment of assertive milestones of Allos’ sole marketed drug, Folotyn.
We admonish investors that Folotyn is accessible in the US for the ysis of patients with relapsed or adverse borderline T-cell lymphoma (:PTCL). The biologic is beneath ysis in the EU for the indication.
Currently, Spectrum Pharma’s artefact portfolio comprises two marketed articles -Fusilev (advanced metastatic colorectal blight and for accomplishment in osteosarcoma (a anatomy of cartilage cancer) patients afterward ysis with a high-dose of chemotherapy drug, methotrexate) and Zevalin (for alleviative patients adversity from non-Hodgkin’s lymphoma).
The accession of Folotyn will added strengthen the oncology portfolio at Spectrum Pharma. At the time of announcement the deal, administration at Spectrum Pharma declared that both Zevalin and Folotyn ambition the aforementioned set of doctors for alleviative altered blight forms. This makes the accord all the added complete strategically.
Currently, we accept a Neutral advocacy on Allos in the continued run. However, we accept an Outperform advocacy on Spectrum Pharma. Both companies backpack Zacks #3 Ranks (“Hold”) in the abbreviate run.
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