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BUSINESS BRIEFING / DRUGS

Spectrum deal lifts shares 49%

October 30, 2008|times wire services

Spectrum Pharmaceuticals Inc. shares rose the most in six years after saying Allergan Inc. would pay it as much as $345.5 million to develop a bladder cancer drug.

Irvine-based Spectrum leaped 47 cents, or 49%, to $1.42, the most since Oct. 1, 2002.

Allergan, also based in Irvine, will pay $41.5 million now to Spectrum for the drug apaziquone and as much as $304 million more if the medicine reaches research, regulatory and sales goals. Apaziquone is being tested on people with non-muscle-invasive bladder cancer, the two companies said.

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