Allos Bouncing After Yesterday’s Odd Fall; HGSI Continues to Hover Below Acquisition Price

In expectation of a takeover, Allos Therapeutics (NASDAQ:ALTH) is up 14% this morning off of yesterday afternoon’s plummet, but has yet to regain completely. Shareholders have been waiting on news of Spectrum Pharmaceuticals’ (NASDAQ:SPPI) $1.82 tender offer to purchase all outstanding share of ALTH, which was extended on July 6 to expire this coming Monday the 23rd. Yesterday’s afternoon dive looked to be a technical mishap as Spectrum’s CEO confirmed this morning that the tender offer has not changed. Extended three time since May, the offer originally included an additional $0.11 for ALTH investors if Allos’ lymphoma drug Folotyn hit certain milestones in Europe for regulatory approval and sales. Those hopes were quashed in late June when the EMA decided against approving Folotyn.

Human Genome Sciences (NASDAQ:HGSI) continues to trade at high volume this morning, hovering at $14.20 on news of GlaxoSmithKline’s (NYSE:GSK) $14.25 buyout announced yesterday.