Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) (Spectrum) and Allos Therapeutics, Inc. (NasdaqGS: ALTH) (Allos) today announced that Spectrum has provided an additional extension of the offer period in connection with its tender offer to purchase all of the outstanding shares of common stock of Allos for $1.82 per share in cash, without interest and less any applicable withholding taxes, plus one Contingent Value Right, which entitles Allos stockholders to an additional payment of $0.11 per share in cash if certain European regulatory approval and commercialization milestones for FOLOTYN® are achieved. On June 21, 2012, Spectrum was informed by Allos that the European Commission had adopted the recommendation against the approval of FOLOTYN® and there was no longer any possibility that such milestones would be achieved. Accordingly, no value should be ascribed to the Contingent Value Right and the price for each share of common stock of Allos will be $1.82 per share in cash, without interest and less any applicable withholding taxes. The extension was made in order for Spectrum and Allos to continue cooperating with the Federal Trade Commission (FTC) in relation to the previously announced Request for Additional Information and Documentary Material that each party received on May 9, 2012 from the FTC under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the acquisition of Allos by Spectrum. The offer, which was previously scheduled to expire at 5:00 p.m., Eastern time, on Monday, July 9, 2012, has been extended until 5:00 p.m., Eastern time, on Monday, July 23, 2012, unless extended for an additional period. All terms and conditions of the tender offer shall remain unchanged during the extended period. The depositary for the tender offer has advised Spectrum that, as of 5:00 p.m., Eastern time, on July 6, 2012, a total of approximately 63,574,257 shares of Allos common stock, representing approximately 59.4% of the outstanding shares of Allos common stock, were validly tendered and not withdrawn.
Shares of Allos Therapeutics (Nasdaq:ALTH) were gapping down Friday morning with an open price 15.1% lower than Thursday's closing price. The stock closed at $1.66 yesterday and opened today's trading at $1.41.