EXHIBIT 10.48
[SPECTRUM PHARRMACEUTICALS, INC. LETTERHEAD]
March 26, 2003
Xx. X.X. Xxxxx
Director
LEKAR Pharma Limited
00 X & X Xxxxx Xxxxxxxxx Xxxxxxx
Xx. Xxxxx Xxxxxx Road, Worli,
Mumbai 400 018
Dear Xx. Xxxxx,
This letter of agreement spells out the basic terms under which Lekar Pharma
Limited or its affiliate will invest $1 million into Spectrum Pharmaceuticals,
Inc. The investments will be made in two parts contingent upon the achievement
of two milestones.
The first milestone will be the acceptance by the US Food and Drug
Administration of an ANDA filing by Spectrum on behalf of JBCPL for
ciproflaxicin, and the investment will be $250,000 in cash for Spectrum shares,
based on the closing price of Spectrum stock on the day prior to acceptance by
the US Food and Drug Administration.
The second milestone will be the approval by the US Food and Drug Administration
of the ANDA filing by Spectrum on behalf of JBCPL for ciproflaxicin, and the
investment will be $750,000 in cash for Spectrum shares, based on the closing
price of Spectrum stock on the day prior to approval by the US Food and Drug
Administration.
The investment would be subject to approval by the Reserve Bank of India or
other appropriate authority under the prevailing laws of India.
Agreed to this 26th day of March 2003, by
/s/ Xxxxxx Xxxxxxxxx
---------------------------------------
Xxxxxx Xxxxxxxxx, M.D.
Chairman, Chief Executive Officer
and President
Spectrum Pharmaceuticals, Inc.
/s/ X.X. Xxxxx
---------------------------------------
Xx. X.X. Xxxxx
Director
Lekar Pharma Limited
000 XXXXXXXXXX XXXXX - XXXXXX, XXXXXXXXXX 00000
- PO BOX 57052 - IRVINE, CALIFORNIA 92619-7052
Tel (000) 000-0000 - Fax (000) 000-0000
