Warburg Sells Drug Co. Talon In Backloaded $206M Deal

Law360, New York (July 17, 2013, 5:04 PM EDT) -- Spectrum Pharmaceuticals Inc. said Wednesday it will buy Talon Therapeutics Inc., a listed drugmaker backed by Warburg Pincus LLC, in a deal worth up to $206.3 million, 95 percent of which hinges on Talon's leukemia treatment hitting certain milestones.

The deal ends a six-month strategic review by Talon, which hired Goldman Sachs & Co. in January to look for a buyer. The best-case scenario payment does not cover Talon's deficit to date — the company has run up a $241 million deficit since its 2002 founding...
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