Spectrum Adds Shutdown To Deal Clock, Others Could Follow
Law360 (January 17, 2019, 9:33 PM EST) -- With the partial government shutdown in its fourth week, Spectrum Pharmaceuticals Inc. and Acrotech Biopharma LLC incorporated protection against the delay of required regulatory approvals into Thursday's announced contract for a drug portfolio sale, a move other dealmakers will likely follow even after the shutdown ends.
Spectrum announced a potential $300 million sale of a seven-therapy portfolio to Acrotech, a subsidiary of Aurobindo Pharma USA Inc. The deal comes with a caveat to the otherwise conventional 120-day “drop dead date” from signing by which it must be completed, giving the companies until mid-May.
Because a long shutdown could prevent the transaction...
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