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CASI Pharma Pays $11.5 Million for China Rights to Three Spectrum Drugs

publication date: Sep 18, 2014

CASI Pharmaceuticals, formerly known as EntreMed, in-licensed China rights to three cancer products from Spectrum Pharma in exchange for a 20% stake in CASI and a $1.5 million promissory note. CASI has a market capitalization of almost $48 million, giving the 20% stake a value of close to $10 million and the entire deal a total value of $11.5 million. The transaction contains no provisions for milestones or royalties. Both companies are based in the US, though CASI is primarily focused on the China market and maintains a Beijing operation. More details....

Stock Symbols: (NSDQ: CASI) (NSDQ: SPPI)

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