Spectrum Pharmaceuticals, Inc. (SPPI) Scoops Up Allos Therapeutics, Inc. (ALTH) in Deal Worth $206 Million as Bladder Cancer Drug Fails Phase 3
4/5/2012 6:56:49 AM
(Reuters) - Spectrum Pharmaceuticals Inc (SPPI.O) said its experimental drug to treat bladder cancer failed to meet the main goals of late-stage trials, sending its shares down 16 percent in premarket trade.
The company was testing the drug apaziquone in two late-stage trials for non-muscle invasive bladder tumors.
The company also said it agreed to buy Allos Therapeutics (ALTH.O) for about $206 million.