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Article: Spectrum Pharmaceuticals Receives $20 Million Cash Payment from Par Pharmaceutical for Sumatriptan Injection.
- Article from:
- Health & Medicine Week
- Article date:
- May 19, 2008
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Spectrum Pharmaceuticals, Inc. (Nasdaq:SPPI) announced that it has received a cash payment of $20 million from Par Pharmaceutical, Inc. (NYSE:PRX), the Company's marketing partner for sumatriptan injection, for the sale of its share of profits from the commercialization of sumatriptan injection (see also
Spectrum Pharmaceuticals, Inc.
).
"The sumatriptan injection partnership with Par has provided us approximately $27 million in non-dilutive funding since 2006, when we saw an opportunity outside of our core business in the field of oncology and urology," said Rajesh C. Shrotriya, MD, Chairman, President and Chief Executive Officer. "This cash infusion today ...