Business
Spectrum Pharmaceuticals Reports First Quarter 2023 Financial Results and Corporate Update
-- Q1 2023 net sales of $15.6 million, an increase of 54% compared to Q4 2022 -- -- Company to be acquired by Assertio Holdings, Inc., delivering value to
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"\n-- Q1 2023 net sales of $15.6 million, an increase of 54% compared to Q4 2022 --\n\n\n-- Company to be acquired by Assertio Holdings, Inc., delivering value to stakeholders in an all stock and contingent value rights (CVR) transaction --\n\n\n-- Transaction expected to close in Q3 2023 --\n\n\n BOSTON--(BUSINESS WIRE)--\nSpectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a commercial stage biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period ended March 31, 2023, and provided a corporate update.\n\n\nFirst Quarter 2023 and Recent Business Update\n\n\n\nNet sales for Q1 2023 totaled $15.6 million, an increase of 54% compared to Q4 2022.\n\n\n\n172 targeted accounts purchased ROLVEDON™ (eflapegrastim-xnst) Injection during the quarter compared to 70 in Q4 2022, an increase of 145%.\n\n\n\nPermanent J-Code for ROLVEDON went into effect on April 1, facilitating more efficient and predictable reimbursement in the outpatient setting.\n\n\n\nOn April 25, announced acquisition by Assertio Holdings, Inc. (Nasdaq: ASRT) (“Assertio”), a specialty pharmaceutical company offering differentiated products to patients, in an all-stock and CVR transaction which is expected to deliver immediate value to stockholders while providing the opportunity to share in future upside of ROLVEDON.\n\n\n\nUpfront consideration represents a premium of 65%, and the total potential consideration a premium of 94% to Spectrum’s closing price of $0.69 on April 24, 2023.\n\n\n\nFollowing an anticipated Q3 2023 closing, Assertio stockholders will own approximately 65% of the combined company, and Spectrum stockholders will own approximately 35% of the combined company, on a fully diluted basis.\n\n\n\n“Spectrum delivered a strong start to 2023 with outstanding execution in the launch of ROLVEDON. This success is demonstrated through significant quarter-over-quarter sales growth, account expansion, and continued customer receptivity to ROLVEDON’s value proposition,” said Tom Riga, President and Chief Executive Officer of Spectrum Pharmaceuticals. “Following the acquisition, we believe the combination of Spectrum’s commercial infrastructure and Assertio’s digital non-personnel resources will set the brand up for long-term success and accelerate the profitability of the combined company....