Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (Spectrum) and Allos
Therapeutics, Inc. (NasdaqGS: ALTH) (Allos) today announced that
Spectrum has provided an additional extension of the offer period
in connection with its tender offer to purchase all of the outstanding
shares of common stock of Allos for $1.82 per share in cash, without
interest and less any applicable withholding taxes, plus one Contingent
Value Right, which entitles Allos stockholders to an additional payment
of $0.11 per share in cash if certain European regulatory approval and
commercialization milestones for FOLOTYN® are achieved. The extension
was made in order for Spectrum and Allos to continue cooperating with
the Federal Trade Commission (FTC) in relation to the previously
announced Request for Additional Information and Documentary Material
that each party received on May 9, 2012 from the FTC under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
applicable to the acquisition of Allos by Spectrum.
The offer, which was previously scheduled to expire at 5:00 p.m.,
Eastern time, on Friday, June 22, 2012, has been extended until 5:00
p.m., Eastern time, on Monday, July 9, 2012, unless extended for an
additional period. All terms and conditions of the tender offer shall
remain unchanged during the extended period.
The depositary for the tender offer has advised Spectrum that, as of
5:00 p.m., Eastern time, on June 21, 2012, a total of approximately
61,619,871 shares of Allos common stock, representing approximately
57.6% of the outstanding shares of Allos common stock, were validly
tendered and not withdrawn.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals, a biotechnology company with a primary focus
in oncology and hematology, currently markets two oncology drugs, FUSILEV®
(levoleucovorin) for Injection and ZEVALIN®
(ibritumomab tiuxetan) Injection for intravenous use. In addition,
Spectrum has two drugs, belinostat and apaziquone, in late stage
development and a diversified pipeline of novel drug candidates in
earlier stages of development. The Company's strategy is comprised of
acquiring, developing and commercializing a broad and diverse pipeline
of late-stage clinical and commercial drug products. The Company has
aggressive business development and commercial operation teams that
support a robust drug development program encompassing clinical
development, medical research, regulatory affairs, biostatistics and
data management. The Company also leverages the expertise of its
worldwide partners to assist in the execution of its strategy. For more
information, please visit the Company's website at www.sppirx.com.
About Allos Therapeutics, Inc.
Allos Therapeutics is a biopharmaceutical company committed to the
development and commercialization of innovative anti-cancer
therapeutics. Allos is currently focused on the development and
commercialization of FOLOTYN® (pralatrexate injection), a
folate analog metabolic inhibitor. FOLOTYN is approved in the U.S. for
the treatment of patients with relapsed or refractory peripheral T-cell
lymphoma (PTCL). This indication is based on overall response rate.
Clinical benefit such as improvement in progression free survival or
overall survival has not been demonstrated. Allos is also developing
FOLOTYN in other hematologic malignancies and solid tumors. Allos is
headquartered in Westminster, Colorado. For more information, please
visit Allos’ website at www.allos.com.
This press release may contain forward-looking statements regarding
future events of Spectrum Pharmaceuticals and Allos Therapeutics that
involve risks and uncertainties that could cause actual results to
differ materially. These statements are based on management's current
beliefs and expectations. Such forward-looking statements include
statements relating to the ability of Spectrum Pharmaceuticals and Allos
Therapeutics to complete the transactions contemplated by the Agreement
and Plan of Merger dated as of April 4, 2012 (the "Merger Agreement"),
including Spectrum Pharmaceuticals' and Allos Therapeutics' ability to
satisfy the conditions to the consummation of the tender offer and the
other conditions set forth in the Merger Agreement, the possibility of
any termination of the Merger Agreement, and, if the transaction is
completed, the success and strategic fit of the proposed combination of
Spectrum Pharmaceuticals and Allos Therapeutics. The forward-looking
statements contained in this document are subject to risks and
uncertainties which may cause actual results to differ materially from
the forward-looking statements. Actual results may differ materially
from current expectations because of risks associated with uncertainties
as to the timing of the tender offer and the subsequent merger;
uncertainties as to how many of Allos' stockholders will tender their
shares of common stock in the tender offer; the risk that competing
offers or acquisition proposals will be made; the possibility that
various conditions to the consummation of the offer or the merger may
not be satisfied or waived, including that a governmental entity may
prohibit, delay or refuse to grant approval for the consummation of the
offer or the merger; and the risk that stockholder litigation in
connection with the tender offer or the merger may result in significant
costs of defense, indemnification and liability. Spectrum
Pharmaceuticals and Allos Therapeutics 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.
This press release is neither an offer to purchase nor a solicitation
of an offer to sell securities. The tender offer is being made pursuant
to a tender offer statement (including an offer to purchase, letter of
transmittal, and related tender offer documents), which has been filed
by Spectrum Pharmaceuticals and Sapphire Acquisition Sub, Inc. with the
U.S. Securities and Exchange Commission (the "SEC") on April 13, 2012,
and has been subsequently amended. In addition, on April 13, 2012, Allos
filed a solicitation/recommendation statement on Schedule 14D-9 with the
SEC related to the tender offer, which has been subsequently amended.
Stockholders of Allos are strongly advised to read the tender offer
statement and the related solicitation/recommendation statement because
they contain important information that stockholders should consider
before making any decision regarding tendering their shares. The tender
offer statement and certain other offer documents, as well as the
solicitation/recommendation statement, will be made available to all
Allos stockholders at no expense to them. These documents will be
available at no charge on the SEC's website at www.sec.gov.
In addition, a copy of the tender offer statement will be made available
free of charge to all stockholders of Allos who direct a request to
MacKenzie Partners, Inc., the Information Agent for the offer, toll-free
at (800) 322-2885.
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