---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-049365"
form_type: "8-K"
ticker: "ASRT"
cik: "0001808665"
company_name: "Assertio Holdings, Inc."
filed_at: "2023-04-25T23:59:59+00:00"
generated_at: "2026-06-16T16:40:39.531021+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Assertio to acquire Spectrum Pharma in all-stock deal with CVRs, 0.1783 exchange ratio

## Summary
- Each Spectrum share converts into 0.1783 Assertio shares plus one contingent value right (CVR).
- CVRs offer up to $0.20/share total in two milestones: $175M net sales in 2024, $225M in 2025.
- Termination fee of $8.3M payable by either party if deal terminated under certain conditions.
- Merger expected to close by Oct 24, 2023, subject to stockholder approvals and antitrust clearance.
- Spectrum will nominate one board member to Assertio's board effective at closing.

## SEC filing metadata
- accession: 0001104659-23-049365
- form_type: 8-K
- ticker: ASRT
- cik: 0001808665
- company_name: Assertio Holdings, Inc.
- filed_at: 2023-04-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1808665/000110465923049365/0001104659-23-049365-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1808665/000110465923049365/tm2313548d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-049365
- JSON: https://secwatch.observer/filing/0001104659-23-049365.json
- Plain text: https://secwatch.observer/filing/0001104659-23-049365.txt

## Key facts
- Material Agreements
  Assertio Holdings, Inc. entered into Agreement and Plan of Merger with Spectrum Pharmaceuticals, Inc. (effective 2023-04-24).
  - Action: entry
  - Agreement: merger
  - Counterparty: Spectrum Pharmaceuticals, Inc.
  - Effective: 2023-04-24
  source text: On April 24, 2023, Assertio Holdings, Inc., a Delaware corporation (the “ Company ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”), by and among the Company, Spade Merger Sub 1, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“ Merger Sub ”), and Spectrum Pharmaceuticals, Inc., a Delaware corporation (“ Spectrum ”), pursuant to which, subject to the terms and conditions set forth therein, Merger Sub will merge with and into Spectrum (the “ Merger ”), with Spectrum surviving such Merger as a wholly owned subsidiary of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1808665/000110465923049365/0001104659-23-049365-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.