Assertio Holdings to acquire Spectrum Pharma

Specialty pharma firm Assertio Holdings (Nasdaq: ASRT) has entered into a definitive agreement to acquire fellow USA-based Spectrum Pharmaceuticals (Nasdaq: SPPI) in an all-stock and contingent value rights (CVR) transaction, with the news sending the latter's shares rocketing 34% to $0.93.

The acquisition brings with it Spectrum’s Rolvedon/Rolontis (eflapegrastim), a novel long-acting G-CSF product launched into a blockbuster market in October 2022.

The deal comes after a rough patch for Boston-based Spectrum. In September, a vote of no confidence from the FDA’s advisory panel on another drug, the lung cancer candidate poziotinib, was followed by the agency flatly rejecting it two months later. The company then shelved the drug and laid off 75% of its R&D unit.