Spectrum Pharmaceuticals Inc 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 purchase Allos Therapeutics for about $206 million.Allos shareholder will get $1.82 in cash for each share, which represents a premium of 27 percent to Allos' Wednesday close, plus a contingent value right that gives shareholders 11 cents, if certain regulatory milestones are met in Europe.
Allos Therapeutics, Inc. (Allos) is a biopharmaceutical company engaged in the development and commercialization of anti-cancer therapeutics. Shares of ALTH remained unchanged at $1.43. In the past year, the shares have traded as low as $1.25 and as high as $3.28. On average, 492229 shares of ALTH exchange hands on a given day and today's volume is recorded at 63390.
Spectrum Pharmaceuticals, Inc. ( Spectrum) is a commercial stage biopharmaceutical company, engaged in developing and commercializing therapies with a focus primarily in the areas of hematology-oncology and urology. Shares of SPPI remained unchanged at $12.21. In the past year, the shares have traded as low as $6.94 and as high as $16.00. On average, 1692950 shares of SPPI exchange hands on a given day and today's volume is recorded at 15000.
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