Spectrum Pharmaceuticals Announces Sale of Injectable Generic Drugs to Sagent Pharmaceuticals
IRVINE, Calif. -- Spectrum Pharmaceuticals, Inc.,: Spectrum Pharmaceuticals, Inc., announced today that it has sold its abbreviated new drug applications (ANDAs) for its injectable generic drugs, ondansetron, carboplatin, fludarabine, and mitoxantrone, to Sagent Pharmaceuticals, Inc.
â€œThe sale of these non-core assets provides additional non-dilutive funding which will be used to further fund the advancement of our late stage clinical programs,â€ said Rajesh C. Shrotriya, MD, Chairman, President and Chief Executive Officer of Spectrum Pharmaceuticals.
â€œThis transaction allows us to quickly add these important near-term products to our pipeline of more than 200 products,â€ said Jeffrey M. Yordon, CEO, founder and chairman of the board of Sagent Pharmaceuticals. â€œOur extensive global development network will enable us to accelerate commercialization of these products at a comparatively low cost.â€
About Sagent Pharmaceuticals, Inc.
Sagent Pharmaceuticals, founded in 2006, is a privately held specialty pharmaceutical company focused on developing, manufacturing, sourcing and marketing pharmaceutical products, with a specific focus on injectable products. Sagent has created a unique, global network of resources, comprised of rapid development capabilities, sophisticated manufacturing and innovative drug-delivery technologies, quickly yielding an extensive portfolio of pharmaceutical products that fulfills the evolving needs of patients. Sagent currently has more than 200 products in development. For more information about Sagent, please visit www.sagentpharma.com.
About Spectrum Pharmaceuticals
We are a biopharmaceutical company that acquires, develops and commercializes a diversified portfolio of drug products, with a focus mainly on oncology and urology. Our strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products with a focus on oncology and urology; establishing a commercial organization for our approved drugs; continuing to build a team with people who have demonstrated skills, passion, commitment and a track record of success in developing drugs and commercialization in our areas of focus; and, leveraging the expertise of partners around the world to assist us in the execution of our strategy. For more information, please visit our website at www.spectrumpharm.com.
Forward-looking statement â€“ This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements include but are not limited to statements that relate to our business and its future, Spectrum's ability to identify, acquire, develop and commercialize its portfolio of drug candidates, the Company's promising pipeline, the advancement of our late stage clinical programs and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates, may not prove safe or effective, the possibility that our existing and new drug candidates may not receive approval from the FDA, and other regulatory agencies in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of revenues, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Spectrum Pharmaceuticals, Inc has not independently verified information provided by Sagent Pharmaceuticals.
SPECTRUM PHARMACEUTICALS, INC.â„¢, TURNING INSIGHTS INTO HOPEâ„¢ and the Spectrum Pharmaceuticals logo are trademarks owned by Spectrum Pharmaceuticals, Inc. All other trademarks and tradenames are the property of their respective owners.
Spectrum Pharmaceuticals Russell Skibsted, SVP & Chief Business Officer Paul Arndt, Manager, Investor Relations 949-788-6700 or Sagent Pharmaceuticals, Inc. Ron Pauli, Chief Financial Officer 847-908-1604 or Media: WeissComm Partners Geoff Curtis, 312-284-4701