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Spectrum Pharmaceutical Inc. (Nasdaq: SPPI) said today it has sold its portfolio of seven FDA-approved hematology/oncology products to Acrotech Biopharma LLC for up to $300 million. The deal is expected to close within 90 days.

“This divestiture marks a major strategic shift for Spectrum to ensure laser-focus on novel, oncology drug development and commercialization,” Spectrum CEO Joe Turgeon said in a statement.

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Acrotech is a wholly-owned subsidiary of East Windsor, N.J.-based generic drug maker Aurobindo Pharma Ltd.

The purchase includes $160 million up front in cash and up to $140 million in milestone payments.

Henderson, Nev.-based Spectrum is a biotechnology company that has both commercial and in-development drugs. It operates an administrative and research and development facility in Irvine.

The company said its staff will be reduced about 40% with most transitioning to Acrotech. The remaining staff will focus on the launch of its two late-stage cancer drugs Rolontis and poziotinib.

Shares climbed about 1% to $10.57 for a $1.1 billion market cap. They have fallen 58% from a 52-week high in September.