Bad News for Allos - Analyst Blog
23 Avril 2012 - 7:45PM
Zacks
Allos Therapeutics Inc. (ALTH) suffered a
setback when the Committee for Medicinal Products for Human Use
(CHMP) of the European Medicines Agency (EMA) reiterated the
negative opinion issued by it in January 2012, regarding the
conditional approval of Allos’ sole marketed product, Folotyn
(pralatrexate injection), in the EU.
Allos is looking to get Folotyn approved in the EU for treating
patients suffering from peripheral T-cell lymphoma (PTCL) whose
disease progressed after at least one prior systemic therapy.
We note that Folotyn is already available in the US for the PTCL
indication. The drug received accelerated approval from the Food
and Drug Administration (FDA) in September 2009.
We remind investors that Allos sought a re-examination of the
negative opinion issued by the CHMP. By sticking to its negative
opinion, the CHMP has dealt a severe blow to the company’s hopes of
boosting Folotyn’s sales.
We note that Allos inked a co-development and commercialization
deal with Mundipharma in May 2011 for Folotyn. Per the terms of the
deal, the sole responsibility for commercializing the drug in the
US and Canada lies with Allos. Mundipharma is responsible for
commercializing Folotyn in the rest of the world. Mundipharma has
already filed marketing applications in countries like Australia,
South Korea and Switzerland.
Meanwhile, Allos will be acquired by Spectrum
Pharmaceuticals (SPPI) for $1.82 per share in cash, in
addition to one contingent value right. The deal is expected to
close in the second quarter of this year.
Our Recommendation
Currently, we have an Outperform Recommendation on the stock.
The company carries a Zacks #1 Rank (short-term Strong Buy
rating).
ALLOS THERAPEUT (ALTH): Free Stock Analysis Report
SPECTRUM PHARMA (SPPI): Free Stock Analysis Report
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