Spectrum Pharmaceuticals, Inc.
) recently launched its newly acquired drug, Marqibo, in the U.S.
Marqibo is approved in the U.S. for the treatment of adults
suffering from Philadelphia chromosome-negative (Ph-) acute
lymphoblastic leukemia (ALL) in second or greater relapse or
whose disease has progressed after being treated with two or more
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Marqibo is also being developed in two phase III studies in
indications including non-Hodgkin's lymphoma.
We note that Spectrum Pharma gained worldwide rights to Marqibo
following the completion of the acquisition of California-based
Talon Therapeutics. In Jul 2013, Spectrum Pharma acquired Talon
Therapeutics for an upfront cash consideration of $11.3 million.
Apart from the upfront cash payment, Spectrum Pharma also issued
3 million shares of its common stock to Talon stockholders to
cancel out the outstanding indebtedness under Talon's credit
facility. The shareholders of Talon are also entitled to receive
contingent value rights (CVRs) of up to $195 million in cash
payments on achieving certain milestones related to Talon's
Marqibo and Menadione Topical Lotion.
Menadione Topical Lotion was added to Spectrum Pharma's pipeline
following the acquisition. The candidate is being developed for
the treatment of skin toxicity. The transaction also added
brakiva and alocrest to Spectrum Pharma's pipeline. These are
liposomal versions of approved anti-cancer drugs.
The same sales force, which currently sells Spectrum Pharma's
Folotyn and Zevalin, is being utilized for Marqibo. Folotyn and
Zevalin are currently approved for the treatment of patients with
relapsed or refractory peripheral T-cell lymphoma (PTCL) and
non-Hodgkin's lymphoma (NHL), respectively. Folotyn and Zevalin
contributed around $12.6 million and $6.8 million, respectively,
to Spectrum Pharma's total revenues in the second quarter of
2013. We expect investor focus to remain on Marqibo going
Spectrum Pharma currently carries a Zacks Rank #4 (Sell). Other
Biogen Idec Inc.
Gilead Sciences Inc.
) presently look more attractive with a Zacks Rank #1 (Strong