Central nervous system-focused biotech Assertio Holdings announced this week that it would acquire Spectrum Pharmaceuticals, a Boston-based biopharmaceutical company focused on novel and targeted oncology treatments. Back in 2018, anonymous sources interviewed by Bloomberg said that Spectrum was looking for a buyer, working with a financial advisor to potentially position itself for an acquisition.
Now, in the definitive merger agreement, Assertio Holdings will buy all outstanding shares of the company in an all-stock and contingent value rights transaction. As a part of the transaction, Spectrum will receive approximately $248 million upfront, as well as milestone payments.