Spectrum grabs Talon leukemia drug in $206M deal

Spectrum Pharmaceuticals ($SPPI) has snapped up South San Francisco-based Talon Therapeutics ($TLON) and its leukemia drug Marqibo for the bargain-basement price of $11.3 million and CVRs worth up to $195 million. The CVR value will be based on sales milestones and the future success of the Phase II oncology supportive care drug, Menadione Topical Lotion. "With this acquisition, we have added another drug that fits very well with our hematology and oncology franchise and addresses an unmet medical need for cancer patients," said Spectrum CEO Rajesh C. Shrotriya. Spectrum is also paying off Talon's debt with 3 million shares. Release