- Approximately $40.5 Million in Principal Amount of Notes Will Be
Outstanding Following the Exchanges
Company Website:
http://www.sppirx.com
HENDERSON, Nev. -- (Business Wire)
Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI) today announced that it
has entered into separate, privately negotiated exchange agreements with
certain holders of its 2.75% Convertible Senior Notes due December 15,
2018 (the “Notes”). Pursuant to the exchange agreements, the Company
will exchange approximately $69.5 million in aggregate principal amount
of Notes, for (i) approximately 5.4 million newly-issued shares of the
Company’s common stock, plus (ii) $26.7 million in cash, as well as
accrued and unpaid interest in cash. Following the exchanges, which are
expected to be completed on or about October 12, 2017, subject to
customary closing conditions, approximately $40.5 million in aggregate
principal amount of the Notes will remain outstanding.
In connection with the exchange of the Notes, the Company intends to
enter into agreements with dealers party to certain convertible note
hedge transactions related to the Notes to unwind a corresponding
portion of its previously sold warrants and previously purchased call
options that were part of such convertible note hedge transactions.
The shares of common stock issuable upon the exchanges have not been
registered under the Securities Act of 1933, as amended, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary
focus in Hematology and Oncology. Spectrum currently markets six
hematology/oncology drugs, and has an advanced stage pipeline that has
the potential to transform the Company. Spectrum's strong track record
for in-licensing and acquiring differentiated drugs, and expertise in
clinical development have generated a robust, diversified, and growing
pipeline of product candidates in advanced-stage Phase 2 and Phase 3
studies. More information on Spectrum is available at www.sppirx.com.
Forward-looking statement — This press release may contain
forward-looking statements regarding future events.These
statements are based on management's current beliefs and expectations.These statements include, but are not limited to, statements relating
to the consummation of the exchanges and unwinding of the convertible
note hedge transactions, including whether our counterparties to the
exchange agreements properly deliver the convertible notes to us.The
Company does not plan to update any such forward-looking statements and
expressly disclaims any duty to update the information contained in this
press release except as required by law.
SPECTRUM PHARMACEUTICALS, INC.® is a
registered trademark of Spectrum Pharmaceuticals, Inc..REDEFINING
CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned
by Spectrum Pharmaceuticals, Inc.Any other trademarks are the
property of their respective owners.
© 2017 Spectrum Pharmaceuticals, Inc.All Rights Reserved
View source version on businesswire.com: http://www.businesswire.com/news/home/20171010005794/en/
Contacts:
Spectrum Pharmaceuticals, Inc.
Shiv Kapoor
Vice President,
Strategic Planning & Investor Relations
702-835-6300
InvestorRelations@sppirx.com
Source: Spectrum Pharmaceuticals, Inc.
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