Spectrum sells seven products, slims staff by 40%

18 January 2019

Nevada, USA-based Spectrum Pharmaceuticals (Nasdaq: SPPI) says it has agreed terms to sell seven FDA-approved hematology/oncology products to Acrotech Biopharma, of New Jersey, USA.

Acrotech is a wholly-owned subsidiary of India's Aurobindo Pharma (BSE: 524804).

Spectrum will receive $160 million upfront, and up to $140 million in regulatory and sales-based milestones. The firm will cut its staff by around 40%, with the majority of those affected moving to Acrotech.

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