Up 5% in early trading this morning, Spectrum Pharmaceuticals (NASDAQ:SPPI) is seeing action on sales growth expectations of its colon cancer drug Fusilev. According to an article at The Street,
sales of the drug in June alone could match its sales in the entire first quarter, pointing to a blowout period for the drug. According to the article, doctors have begun turning to Fusilev to permanently replace generic leucovorin in their treatment regimen, which had significant supply and shortage issues this year. Estimates put Fusilev sales in June at $49.7M, compared to $51M in Q1 of 2012. That could mean second quarter sales as high as $90M.
Spectrum’s tender offer on Allos Therapeutics (NASDAQ:ALTH), which was set to expire Monday night at 5:00pm, was extended last Friday through August 6. SPPI offered to purchase Allos at $1.82 per share in April. The offer has been extended repeatedly as the companies work with the Federal Trade Commission. ALTH is trading at $1.71 this morning.