Assertio Holdings, Inc. Announces Favorable Vote on Proposed Acquisition of Spectrum Pharmaceuticals
July 27 2023 - 4:01PM
Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq:
ASRT), a specialty pharmaceutical company offering differentiated
products to patients, today announced that its stockholders and the
stockholders of Spectrum Pharmaceuticals, Inc. (“Spectrum”)
(Nasdaq: SPPI), a biopharmaceutical company focused on novel and
targeted oncology, have each approved the proposed definitive
agreement pursuant to which Assertio will acquire Spectrum in an
all-stock and contingent value rights (CVR) transaction.
“We are pleased to announce the positive voting
results of each meeting and look forward to closing the transaction
in the coming days,” said Dan Peisert, President and Chief
Executive Officer of Assertio. “We believe this transaction
provides extensive new growth opportunities and will be accretive
to our stockholders in 2024. We plan to provide updated guidance on
our second quarter results call, scheduled for August
3.” About
AssertioAssertio is a specialty pharmaceutical company
offering differentiated products to patients utilizing a
non-personal promotional model. We have built and continue to build
our commercial portfolio by identifying new opportunities within
our existing products as well as acquisitions or licensing of
additional approved products. To learn more about Assertio, visit
www.assertiotx.com.
About SpectrumSpectrum is a
commercial stage biopharmaceutical company, with a strategy of
acquiring, developing, and commercializing novel and targeted
oncology therapies. We have an in-house clinical development
organization with regulatory and data management capabilities, in
addition to commercial infrastructure and a field based sales force
for our marketed product, ROLVEDON® (eflapegrastim-xnst) Injection.
For additional information on Spectrum please visit
www.sppirx.com.
Assertio Forward Looking
StatementsStatements in this communication that are not
historical facts are forward-looking statements that reflect
Assertio's and Spectrum’s current expectations, assumptions and
estimates of future performance and economic conditions. These
forward-looking statements are made in reliance on the safe harbor
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements relate to, among other
things, the preliminary, unaudited financial results included in
this press release, future events or the future performance or
operations of Assertio and Spectrum, including our ability to
realize the benefits from our operating model, successfully acquire
and integrate new assets and explore new business development
initiatives. All statements other than historical facts may be
forward-looking statements and can be identified by words such as
"anticipate," "believe," "could," "design," "estimate," "expect,"
"forecast," "goal," "guidance," "imply," "intend," "may",
"objective," "opportunity," "outlook," "plan," "position,"
"potential," "predict," "project," "prospective," "pursue," "seek,"
"should," "strategy," "target," "would," "will," "aim" or other
similar expressions that convey the uncertainty of future events or
outcomes and are used to identify forward-looking statements. Such
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of
which are beyond the control of Assertio and Spectrum, including
the risks described in Assertio's and Spectrum’s respective Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the U.S. Securities and Exchange Commission ("SEC") and in other
filings each of Assertio and Spectrum makes with the SEC from time
to time. Investors and potential investors are urged not to place
undue reliance on forward-looking statements in this communication,
which speak only as of this date. While Assertio and Spectrum may
elect to update these forward-looking statements at some point in
the future, it specifically disclaims any obligation to update or
revise any forward-looking-statements contained in this press
release whether as a result of new information or future events,
except as may be required by applicable law.
Assertio Investor Contact
Matt KrepsDarrow AssociatesM:
214-597-8200mkreps@darrowir.com
Spectrum Investor Contact
Nora BrennanChief Financial OfficerM:
949-788-6700InvestorRelations@sppirx.com
Lisa WilsonIn-Site Communications,
Inc.212-452-2793lwilson@insitecony.com
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