Spectrum Pharmaceuticals Inc. said Friday that it has sold four of its injectable generic drugs.
Irvine-based Spectrum said it sold the drugs to Sagent Pharmaceuticals Inc. of suburban Chicago. Terms weren’t disclosed.
The drugs are ondansetron, which treats nausea and vomiting, and cancer treatments carboplatin, fludarabine and mitoxantrone.
Calling the drugs “non-core assets,” Spectrum Chief Executive Rajesh Shrotriya said selling them gives the company money to pay for late-stage clinical trials for other drugs.
Spectrum has undergone some costly regulatory setbacks within the past year in its effort to develop brand-name drugs.
Food and Drug Administration reviewers raised issues with satraplatin, a pill to fight advanced prostate cancer, last summer.
Investors then hammered Spectrum’s stock on the news, sending it down 30%.
Spectrum shares are down 72% in the past year with a recent market value of $54 million.
GPC Biotech AG, a German company that was working with Spectrum on satraplatin, eventually pulled the drug application in order to focus on getting overall survival results and integrating data into a new submission after the FDA indicated the drug wouldn’t be approved.
