Spectrum Pharmaceuticals, a biotech with a primary focus in oncology and hematology, has extended the offer period for its tender offer to purchase all of the outstanding shares of common stock of Allos Therapeutics, a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics, for $1.82 per share in cash.
The offer, which was previously scheduled to expire at 5 p.m. ET, on July 9, 2012, has been extended until 5 p.m. ET on July 23, 2012, unless extended for an additional period. All terms and conditions of the tender offer shall remain unchanged during the extended period.
As of 5 p.m. ET 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stock, representing approximately 59.4% of the outstanding shares of Allos common stock, were validly tendered and not withdrawn.
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 a Request for Additional Information and Documentary Material that each party received on May 9, 2012, from the FTC.