January 25, 2012 / 4:01 PM / 9 years ago

UPDATE 1-Spectrum to pay Bayer $25 mln for cancer drug rights

Jan 25 (Reuters) - Spectrum Pharmaceuticals Inc said it would acquire rights to market cancer drug Zevalin outside of the United States from German drugmaker Bayer for 19 million euros ($24.7 million).

Spectrum, which already owns U.S. rights of Zevalin, said Bayer will get royalties based on a percentage of net sales of the drug in all territories worldwide except the United States.

In 2010, Spectrum raked in sales of $29 million from Zevalin.

Zevalin is currently approved in more than 40 countries for the treatment of follicular B-cell non-Hodgkin’s lymphoma.

Shares of Spectrum were trading almost flat at $15.36 on Wednesday on the Nasdaq.

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