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Deal Maker of the Year Awards 2013 WINNER - RAJESH C. SHROTRIYA
DEAL: Spectrum Pharmaceuticals Acquires Talon Therapeutics’
NAME: Rajesh C. Shrotriya COMPANY: Spectrum Pharmaceuticals’ POSITION: Chairman, CEO & President WEBSITE: www.sppirx.com
DEAL OVERVIEW
Spectrum Pharmaceuticals acquired Talon Therapeutics on July 17, 2013.
This was the
second company acquisition by Spectrum in 11 months. The Talon acquisition added a third non- Hodgkin’s lymphoma therapy to the Company’s sales force, fitting seamlessly into the existing commercial base. Marqibo®, is approved for a different subset of NHL, a type of leukemia called Philadelphia chromosome-negative acute lymphoblastic leukemia, generally known as ALL.
“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 Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “In a registration trial in Ph- ALL patients who had all previously failed multiple prior therapies and, therefore, had limited treatment options, Marqibo, as a single agent, demonstrated efficacy that led to accelerated approval by the FDA. By acquiring the rights to Marqibo, Spectrum will be able to further leverage its current infrastructure and experience in hematology and oncology to help these patients. We are very excited about this acquisition as it delivers both an important clinical treatment to cancer patients and compelling value to our shareholders.”
Through this acquisition, Spectrum gained worldwide rights to Marqibo, as well as a Phase 2 product, Menadione Topical Lotion for the treatment of the skin toxicity associated with epidermal growth factor receptor anti-cancer agents, such as ERBITUX®. Marqibo brings with it two ongoing Phase 3 trials that if successful, would expand its indications and open up large market opportunities for Spectrum. Spectrum launched Marqibo with the same sales force that sells its
current oncology drugs, FOLOTYN® (pralatrexate injection) and ZEVALIN® (ibritumomab tiuxetan) injection for intravenous use.
As a Company with a productive history of product acquisitions, Spectrum intends to continue their business-building activities going forward. This,
BIO
Rajesh C. Shrotriya, M.D., has served as Spectrum Pharmaceuticals’ Chairman, Chief Executive Officer and President since August 2002. In August 2002, he was appointed Chief Executive Officer. In this capacity he spearheaded major changes in the business strategy and coordinated structural reorganization culminating in the formation of Spectrum Pharmaceuticals, Inc.
Previously, Dr. Shrotriya was Executive Vice President and Chief Scientific Officer for SuperGen, Inc. and Vice President, Medical Affairs and Vice President, Chief Medical Officer at MGI Pharma, Inc. For 18 years he held various positions at Bristol-Myers Squibb Company, the most recent being Executive Director Worldwide CNS Clinical Research.
As a result of the successful implementation of Dr. Shrotriya’s vision over the past decade, Spectrum has evolved into a company with four marketed anti-cancer drugs with growing sales, 10 drug candidates in clinical development (three near to filing for FDA approval), a dedicated team of commercial and development professionals, and a healthy cash position.
By focusing on oncology and hematology, an area of intense commercial interest in the pharmaceutical industry, Spectrum has many opportunities to address unmet medical needs with innovative therapies. Spectrum believes that a successful business development model requires careful in-licensing of targeted oncology products at the commercial stage in order to have a near-term impact on revenues, while bringing in earlier-stage novel oncology drug candidates at a fair price.
Spectrum Pharmaceuticals remains committed to sustained revenue growth and an expanded global market presence while pursuing fiscal discipline and balanced risk management. Spectrum has progressed into one of fastest growing oncology biotech companies, whose passion and commitment is bringing therapies to patients, who may have little or no alternative treatment options. Spectrum’s marketed drugs, growing pipeline and passionate team, all serve as a strong foundation and strong platform for future growth.
along with advancing the robust pipeline, and improving internal capabilities, creates an exciting time for patients, employees and stockholders. These efforts are the backbone of Spectrum’s core mission: to meet the needs of the oncology community and build long-term value for stockholders.
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