Chicago, IL 4/5/12 (StreetBeat) -- Spectrum Pharmaceuticals (Nasdaq: SPPI) shares dropped 10% to $11.04 in early trading Thursday after it released disappointing results for two Phase III clinical studies for its cancer-fighting agent apaziquone. The company has been testing the product in the treatment of bladder cancer.Spectrum also reported that it plans to buy fellow biotech group Allos Therapeutics (Nasdaq: ALTH) for $206 million, or $1.82 a share. The deal also calls for Spectrum to issue Allos shareholders a Contingent Value Right worth an additional 11 cents a share if Allos' drug Folotyn achieves certain European regulatory and commercial milestones. Shares of Allos were up 27% at $1.81 in recent trading.
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