HENDERSON, Nev. (AP) -- Spectrum Pharmaceuticals Inc. said Thursday it completed its acquisition of Allos Therapeutics Inc., giving the combined company a third approved drug.
Spectrum said 90 percent of Allos' shares were tendered in support of its offer for the company. It agreed to buy Allos in April for $1.82 per share in April. The deal values Allos at up to $206 million if its drug Folotyn reaches European regulatory and commercial targets.
If the companies had been combined for all of 2012, their revenue for the year would be about $300 million, Spectrum said. Spectrum's drug Zevalin is approved to treat a form of non-Hodgkin's lymphoma, while Fusilev treats the side effects of methotrexate, a drug used in chemotherapy. Allos' Folotyn is a treatment for peripheral T-cell lymphoma in patients who have suffered a relapse or who have not responded to previous treatment.
Spectrum Pharmaceuticals agreed to buy Allos on April 5. Its offer of $1.82 per share came at a premium of 27 percent to Allos' previous closing price.
Shares of Spectrum rose 8 cents to $12.60 on Thursday. Allos stock closed at $1.84 Wednesday and will no longer trade publicly because the company is now a subsidiary of Spectrum.