Assertio Holding to acquire Spectrum Pharma and with it Roveldon
Assertio Holdings, Inc., a specialty pharmaceutical company offering differentiated products to patients, and Spectrum Pharmaceuticals, Inc. a commercial stage biopharmaceutical company focused on novel and targeted oncology, have announced that they have entered into a definitive agreement pursuant to which Assertio will acquire all outstanding shares of Spectrum in an all-stock and contingent value rights (“CVR”) transaction
“The addition of Spectrum’s commercial capabilities and Roveldon, a novel long-acting G-CSF product recently launched into a blockbuster market in October 2022, exemplifies Assertio’s attractiveness as an acquirer of new, accretive assets across diverse therapeutic categories, and ability to continue their growth and achieve profitable contributions faster and more efficiently than could be achieved on a standalone basis. We intend to retain the majority of Spectrum’s commercial infrastructure, which we believe is synergistic to our digital non-personal platform, deploying these complementary dual channels to support clinical messaging, reimbursement education and Roveldon awareness to further aid and accelerate its launch,” said Dan Peisert, President and Chief Executive Officer of Assertio. Under the terms of the agreement, at closing, Spectrum stockholders will receive a fixed exchange ratio of 0.1783 shares of Assertio common stock for each share of Spectrum common stock they own, implying an upfront value of $1.14 per Spectrum share (approximately $248 million) based on Assertio’s stock price on April 24, 2023 and an initial 65% premium to Spectrum’s closing price on such date.
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