News | January 28, 1999

SuperGen To Acquire Sparta Pharmaceuticals

SuperGen Inc. seems set to acquire Sparta Pharmaceuticals Inc. after the boards of directors of both companies approved a takeover agreement recently. The acquisition is subject to final approval by Sparta stockholders and other customary closing conditions. Under the terms of the agreement, SuperGen will acquire all of the outstanding capital stock of Sparta in exchange for 650,000 newly issued shares of SuperGen common stock (subject to adjustments under certain circumstances).

"Sparta has several anti-cancer compounds in late-stage clinical development," noted Dr. Joseph Rubinfeld, president, chief executive officer and chairman of SuperGen. "In addition Sparta has, in late-stage development, a novel drug delivery system, Spartaject, that allows compounds which are insoluble or poorly soluble in water to be delivered intravenously (or by other routes) without the need for organic solvents that may in themselves be toxic."

The first compound utilizing Sparta's proprietary Spartaject delivery system is busulfan, which will allow for an intravenous form of the drug to be used. Under a license from Sparta, the Schering-Plough Corp. is incorporating the Spartaject delivery system for use with Temodal (temozolamide), an anti-cancer agent.

In addition to busulfan, Sparta's product portfolio of drugs in late-stage clinical development consists of:

  • 5-FP, an oral drug that is converted directly into 5-FU, a common treatment for a variety of solid cancer tumors
  • RII Retinamide, a compound being studied to treat myelodysplastic syndromes, which are diseases of the bone marrow
  • PZG, a drug that has potential value in the treatment of type II diabetes.

SuperGen has an evolving portfolio of anticancer drugs, including Nipent (for the treatment of cancer patients with lymphocytic malignancies), and is currently in Phase III clinical trials with its proprietary drug RFS 2000 for the treatment of pancreatic cancer.

For more information: SuperGen Inc., Two Annabel Lane, Suite 220, San Ramon, CA 94583. Telephone: 925-327-0200. Fax: 925-327-7347.