UPDATE 1-Spectrum, Nippon Kayaku sign cancer drug deal in Asia

* Says total potential value of deal exceeds $151 mln

* Spectrum to get upfront payment of $15 mln

* Nippon Kayaku to conduct apaziquone trials in Asia

Nov 10 (Reuters) - Spectrum Pharmaceuticals Inc (SPPI.O) signed an agreement with Japan's Nippon Kayaku Co Ltd (4272.T) to develop and market Spectrum's experimental bladder cancer drug apaziquone in Asia.

Apaziquone is being studied in two late-stage clinical trials as a treatment for non-muscle invasive bladder cancer. Spectrum has a collaboration agreement with Allergan Inc (AGN.N) for the drug in North America, Europe, and other key markets.

Under the terms of the deal, Nippon Kayaku will pay Spectrum an upfront payment of $15 million and will make additional milestone payments of up to $136 million.

Nippon Kayaku has the exclusive rights to apaziquone for the treatment of non-muscle invasive bladder cancer in Asia, including Japan and China, the companies said in a statement.

Nippon Kayaku will conduct the clinical trials and will be responsible for all development and marketing expenses of apaziquone in Asia.

Shares of the company were up 4 percent at $5.00 in morning trade Tuesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Pradeep Kurup)