Spectrum gets rights to cancer drug from Bayer

HENDERSON, Nev. (AP) -- Spectrum Pharmaceuticals Inc. said Wednesday that it will buy the international rights to the lymphoma drug Zevalin from Bayer Healthcare for $24.7 million, expanding its market for the drug.

Spectrum already markets the drug in the U.S. It's approved as a treatment for a type of non-Hodgkin's lymphoma in the U.S. and in more than 40 countries in Europe, Latin America, and Asia. Spectrum said about 350,000 cases of non-Hodgkin's lymphoma per year are diagnosed outside the U.S.

Spectrum said it will pay Bayer 19 million euros ($24.7 million) upfront and will make royalty payments on sales of the drug. It did not disclose the size of the royalty payments. The company said it acquired the U.S. rights to Zevalin from Cell Therapeutics Inc. in April 2008, and sales have tripled since that time.

Shares of Spectrum Pharmaceuticals fell 34 cents, or 2.2 percent, to close at $14.99 on Wednesday.