Spectrum Pharmaceuticals receives $16M over apaziquone collaboration agreement

Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI), announced today that it has received $15 million from Nippon Kayaku in connection with the collaboration agreement for apaziquone (EOquin^®) announced on November 10, 2009, and $1 million from Handok Pharmaceuticals announced on November 23, 2009.

The Company previously announced strategic collaboration agreements with Allergan, Inc. (NYSE: AGN) for North America, Europe, and other key markets; Nippon Kayaku Co., Ltd. for Asian countries; and Handok Pharmaceuticals Co., Ltd. for South Korea.

Under terms of the three agreements, in addition to the upfront payments received, Spectrum Pharmaceuticals may receive potential milestone payments based on the achievement of certain clinical, regulatory, and commercialization milestones of more than $450 million. Spectrum will also receive royalties on all ex-U.S. sales.