Spectrum Pharma Announces Equity Investment By Hanmi Pharma - Quick Facts

(RTTNews) - Spectrum Pharmaceuticals (SPPI) announced an equity investment by Hanmi Pharmaceutical along with revisions to the licensing agreements for ROLONTIS and poziotinib. Hanmi entered into a $20 million equity purchase agreement that will be priced at $1.60 per share. Amendments to the licensing agreements for both ROLONTIS and poziotinib will result in the conversion of the upfront milestone payments for both products to deferred royalties. The parties also entered into an amended supply arrangement that is expected to result in a lower cost of goods sold for Spectrum.

Tom Riga, CEO of Spectrum Pharma, said: "We look forward to our continued partnership with Hanmi and to achieving the shared goal of gaining FDA approval for ROLONTIS and poziotinib."