Spectrum acquires 100% ownership of lymphoma drug

Spectrum Pharmaceuticals, a biopharmaceutical company, has announced the closing of the transaction whereby Spectrum acquired 100% control of RIT Oncology to commercialize Zevalin in the US.

In connection with the closing, Spectrum Pharmaceuticals will pay its former partner a total of $16.5m, which is subject to further adjustments based on outstanding liabilities and obligations. Additionally, there will be no further payments or milestones to the former partner.

Spectrum Pharmaceuticals now has 100% ownership of RIT Oncology and will be responsible for all activities relating to Zevalin. Spectrum Pharmaceuticals will now book 100% of Zevalin revenues.

Zevalin is currently approved for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin’s lymphoma (NHL), including patients who have rituximab-refractory follicular NHL. Zevalin is under review by the FDA for use as a first line consolidation therapy for patients with NHL. The FDA recently established July 2, 2009 as a target date for a decision regarding the Zevalin supplemental biologics license application.

If approved, Zevalin would be the first therapeutic available to patients as first-line consolidation therapy to treat NHL.

Rajesh Shrotriya, CEO of Spectrum, said: We are excited to have 100% ownership of Zevalin. Recent clinical data have dramatically underscored the clinical benefits of Zevalin in NHL. We believe that approval of the supplemental biologics license application for first-line consolidation therapy, which is based on the Phase III Fit data, anticipated regulatory and reimbursement changes, combined with our marketing efforts, will substantially improve patient access to Zevalin.