Spectrum Pharmaceuticals (SPPI) acquires Talon Therapeutics (TLON.OB), giving SPPI worldwide rights to the leukemia treatment Marqibo. Under the terms of the deal, SPPI will pay Talon's shareholders $11.3M in cash upfront and will issue 3M common shares in order to cancel outstanding debts under Talon's credit facility. Talon shareholders will also get CVRs potentially worth $195M depending upon sales of Marqibo and regulatory milestones for a Phase II product. SPPI (upgraded Tuesday by JMP) is +1.24% premarket.
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