Associated tags: Spectrum, Medication, Spectrum Pharmaceuticals, SPPI, Pharmaceutical industry, Safety, Patient, FDA, Complaint, Health
Locations: UNITED STATES, NORTH AMERICA, , MASSACHUSETTS
LAKE FOREST, Ill. and BOSTON, July 27, 2023 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today announced that its stockholders and the stockholders of Spectrum Pharmaceuticals, Inc. (“Spectrum”) (Nasdaq: SPPI), a biopharmaceutical company focused on novel and targeted oncology, have each approved the proposed definitive agreement pursuant to which Assertio will acquire Spectrum in an all-stock and contingent value rights (CVR) transaction.
Key Points:
- LAKE FOREST, Ill. and BOSTON, July 27, 2023 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today announced that its stockholders and the stockholders of Spectrum Pharmaceuticals, Inc. (“Spectrum”) (Nasdaq: SPPI), a biopharmaceutical company focused on novel and targeted oncology, have each approved the proposed definitive agreement pursuant to which Assertio will acquire Spectrum in an all-stock and contingent value rights (CVR) transaction.
- “We are pleased to announce the positive voting results of each meeting and look forward to closing the transaction in the coming days,” said Dan Peisert, President and Chief Executive Officer of Assertio.
- “We believe this transaction provides extensive new growth opportunities and will be accretive to our stockholders in 2024.
- We plan to provide updated guidance on our second quarter results call, scheduled for August 3.”
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Spectrum Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”) announced today that the leading independent proxy advisory firms, Institutional Shareholder Services, Inc. (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), have each recommended that Spectrum stockholders vote “FOR” the proposal to adopt the Agreement and Plan of Merger (“Merger Agreement”, and such proposal, the “Merger Proposal”) at the upcoming special meeting of stockholders (the “Special Meeting”) on July 27, 2023.
Key Points:
- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”) announced today that the leading independent proxy advisory firms, Institutional Shareholder Services, Inc. (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), have each recommended that Spectrum stockholders vote “FOR” the proposal to adopt the Agreement and Plan of Merger (“Merger Agreement”, and such proposal, the “Merger Proposal”) at the upcoming special meeting of stockholders (the “Special Meeting”) on July 27, 2023.
- Under the terms of the Merger Agreement, Assertio Holdings, Inc. (Nasdaq: ASRT) (“Assertio”) would acquire all outstanding shares of Spectrum in an all-stock and contingent value rights (“CVR”) transaction.
- The upfront consideration represents a premium of 65% and the total potential consideration represents a premium of 94% to Spectrum’s closing price on April 24, 2023.
- “We urge all stockholders to make sure their shares are represented at the special meeting by voting today.”
The Spectrum board of directors strongly urges Spectrum stockholders to vote “FOR” all the proposals on the agenda.
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Syneos Health Moore Kuehn may seek increased consideration, additional disclosures, or other relief on behalf of the shareholders of these companies.
Key Points:
- Moore Kuehn may seek increased consideration, additional disclosures, or other relief on behalf of the shareholders of these companies.
- Moore Kuehn encourages shareholders who would like to discuss their rights to contact Justin Kuehn, Esq.
- Shareholders should contact the firm immediately as there may be limited time to enforce your rights.
- Moore Kuehn is a 5-star Google client-rated New York City law firm with attorneys representing investors and consumers in litigation involving securities laws, fraud, breaches of fiduciary duties, and other claims.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq.
Key Points:
- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq.
- and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) to Assertio Holdings, Inc. (NasdaqCM: ASRT).
- KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
- To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com .
Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”), a biopharmaceutical Company focused on novel and targeted oncology announced today that on May 16, 2023, the Company received a written notification from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (Nasdaq) that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
Key Points:
- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (“Spectrum” or the “Company”), a biopharmaceutical Company focused on novel and targeted oncology announced today that on May 16, 2023, the Company received a written notification from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (Nasdaq) that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
- The Company previously received notification from the Staff on November 1, 2022, that its common stock failed to maintain a minimum bid price of $1.00 or more over the previous 30 consecutive business days, as required by the Nasdaq Listing Rules.
- Since then, the Staff has determined that for the 10 consecutive business days from May 2 to May 15, 2023, the closing bid price of Spectrum’s common stock has been at $1.00 per share or greater.
- Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.
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Cryptocurrency Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a commercial stage biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period ended March 31, 2023, and provided a corporate update.
Key Points:
- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a commercial stage biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period ended March 31, 2023, and provided a corporate update.
- 172 targeted accounts purchased ROLVEDON™ (eflapegrastim-xnst) Injection during the quarter compared to 70 in Q4 2022, an increase of 145%.
- “Spectrum delivered a strong start to 2023 with outstanding execution in the launch of ROLVEDON.
- The Company had a total cash, cash equivalents, and marketable securities balance of approximately $56.1 million as of March 31, 2023.
Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), in connection with its acquisition by Assertio Holdings, Inc. ("Assertio").
Key Points:
- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), in connection with its acquisition by Assertio Holdings, Inc. ("Assertio").
- Under the merger agreement, SPPI shareholders will receive 0.1783 shares of Assertio common stock for each of their shares, representing implied per-share consideration of $0.98 based upon Assertio's April 28, 2023 closing price of $5.51.
- Additionally, Spectrum Pharmaceuticals shareholders will receive one Contingent Value Right ("CVR") per Spectrum share entitling them to receive up to an additional $0.20 per share in total.
- Under the merger agreement, NATI shareholders will receive $60.00 in cash for each share of NATI owned.
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Spectrum “We are excited to combine with Assertio in a transaction that will deliver significant value to our stockholders and the opportunity to share in the future upside of ROLVEDON,” said Tom Riga, President and Chief Executive Officer of Spectrum Pharmaceuticals.
Key Points:
- “We are excited to combine with Assertio in a transaction that will deliver significant value to our stockholders and the opportunity to share in the future upside of ROLVEDON,” said Tom Riga, President and Chief Executive Officer of Spectrum Pharmaceuticals.
- “Our mission at Spectrum has always been to make a difference in the lives of patients and with Assertio, we have a partner that will enable us to deliver on this promise.
- Following the close of the transaction, Assertio stockholders will own approximately 65% of the combined company, and Spectrum stockholders will own approximately 35%, on a fully diluted basis.
- Assertio and Spectrum will host a conference call today, at 8:30 am Eastern Time to discuss the transaction.
Retrieved on:
Wednesday, March 22, 2023
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Pharmaceutical industry Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period and full year ended December 31, 2022.
Key Points:
- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period and full year ended December 31, 2022.
- First launch quarter for ROLVEDON, with net sales for the quarter and year ended December 31, 2022, totaling $10.1 million.
- Cash, cash equivalents and marketable securities of $75.1 million at December 31, 2022, giving us an expected runway through 2024.
- The Company had a total cash, cash equivalents, and marketable securities balance of approximately $75.1 million at December 31, 2022.
Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced it will host a conference call to discuss the fourth quarter and full year 2022 financial results and provide a corporate update on Wednesday, March 22, 2023, at 8:30 a.m. Eastern/5:30 a.m. Pacific.
Key Points:
- Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, today announced it will host a conference call to discuss the fourth quarter and full year 2022 financial results and provide a corporate update on Wednesday, March 22, 2023, at 8:30 a.m. Eastern/5:30 a.m. Pacific.
- To access the live call by phone, please go to this link ( registration link ) , and you will be provided with dial in details.
- To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.
- A live webcast of the call will be available online in the Investor Relations section of the company’s website at http://investor.sppirx.com/events-and-presentations and will be archived there shortly after the live event.
