Spectrum Pharma Is Weighing a Sale
(Bloomberg) -- Spectrum Pharmaceuticals Inc., a U.S. biotech company focused on oncology and hematology, is exploring options including a sale of the business amid takeover interest from other drugmakers, people familiar with the matter said.
Spectrum is working with financial adviser Jefferies Group LLC on a potential sale of the business, according to the people, who asked not to be identified because the information is private. Shares of Spectrum have nearly tripled over the past two years, giving the company a market value of more than $2 billion. They rose as much as 15 percent in New York Tuesday and traded at $21.39 apiece at 9:38 a.m.
No final decisions have been made, and the Henderson, Nevada-based company could still decide against a transaction, the people said.
Global pharmaceutical companies have been busy snapping up biotech companies this year. Takeda Pharmaceutical Co. reached a $62 billion deal in May to take over rare-disease drugmaker Shire Plc. Sanofi has announced about $16 billion of acquisitions, agreeing to buy Bioverativ Inc. to expand in hemophilia treatments and Ablynx NV to gain an experimental medicine for another rare bleeding disorder.
Spectrum has six cancer and blood-disease treatments on the market, with two more in two late-stage trials and several more at earlier stages of development, according to its website. Representatives for Spectrum and Jefferies declined to comment.
©2018 Bloomberg L.P.