8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 10, 2006

SPECTRUM PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other Jurisdiction of Incorporation)	000-28782 (Commission File Number)	93-0979187 (IRS Employer Identification Number)
157 Technology Drive Irvine, California (Address of principal executive offices)		92618 (Zip Code)

(949) 788-6700
(Registrant’s telephone number, including area code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 1.01 Amendment of a Material Definitive Agreement
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
	EXHIBIT INDEX
EXHIBIT 99.1

Item 1.01 Amendment of a Material Definitive Agreement

          On November 10, 2006, Spectrum Pharmaceuticals, Inc. (the “Company”) entered into a first amendment to the development and marketing agreement (“Agreement”) dated February 22, 2006, with Par Pharmaceuticals, Inc. (“Par”) whereby Par shall make a non-refundable, non-creditable payment to the Company of five million dollars ($5,000,000) within thirty (30) days of the execution of the amendment. Par will have no other financial milestone or equity investment obligations to the Company under the amended agreement. In addition, the generic products covered under the amended agreement shall be limited to the sumatriptan injection products. The Company shall continue to receive a majority of the profits from the sale of the sumatriptan injection products. Par agreed to provide financial and legal support, including the payment of all legal expenses, for the patent challenge for sumatriptan injection, for which the Company entered into a settlement agreement with Glaxo Group Limited on November 10, 2006. If the settlement agreement is terminated after government review, then Par’s litigation obligation shall continue.

          The Company does not have any material relationship with Par other than the amended agreement discussed above.

          The foregoing description of amended Agreement is qualified in its entirety by reference to the press release attached as Exhibit 99.1 hereto, and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

          (d) Exhibits

Exhibits:	Description of Document
99.1	Press Release dated November 13, 2006.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 16, 2006

SPECTRUM PHARMACEUTICALS, INC.
By:	/s/ Shyam Kumaria.
	Name:	Shyam Kumaria
	Title:	Vice President, Finance

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EXHIBIT INDEX

Exhibits:	Description of Document
99.1	Press Release dated November 13, 2006.

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EX-99.1

Exhibit 99.1

Media
Susan Neath
Porter Novelli Life Sciences
(609) 529-0676 Raj Shrotriya
President & CEO
Spectrum Pharmaceuticals
(949) 743-9295 Russell Skibsted
SVP & Chief Business Officer
Spectrum Pharmaceuticals
(949) 743-9234

Spectrum Pharmaceuticals to Receive $5 Million
Milestone Payment from PAR Pharmaceutical for
Sumatriptan Injection

• Spectrum Received Tentative Approval for Sumatriptan Injection from the FDA in October 2006

IRVINE, Calif., November 13, 2006— Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) today announced that it will receive a $5 million milestone payment under its agreement with Par Pharmaceutical Companies, Inc. (NYSE:PRX) for sumatriptan injection. Sumatriptan injection is a prescription medicine for the acute treatment of migraine attacks. The branded product, Imitrex^®, is marketed by GlaxoSmithKline.

“The tentative approval of sumatriptan injection and the subsequent payment we will receive from PAR Pharmaceutical is yet another milestone achieved by our team in the past couple of months, and is further validation of the strength of our business model. This cash infusion is consistent with our mission to bring funds into the company without unnecessarily diluting our current investors,” stated Rajesh C. Shrotriya, M.D., Chairman, Chief Executive Officer and President of Spectrum Pharmaceuticals, Inc. “Our partner for sumatriptan injection, PAR Pharmaceutical, is responsible for the sale and distribution of the drug and we will receive the majority of profits from the sale of this product.”

Earlier this year, Spectrum formed a strategic alliance with PAR Pharmaceutical for the sale and distribution of some of its generic drugs. The terms of the agreement stated that Spectrum would receive certain milestone payments on achievement of specified regulatory approvals and that Spectrum and PAR would share the profits from the sale of Spectrum’s generic products. In addition, PAR agreed to make an equity investment in Spectrum by early 2008. The amended agreement states that Spectrum will receive a $5 million payment from PAR related to sumatriptan injection,

which was granted tentative approval by the FDA in October 2006, in satisfaction of any future milestone or equity commitment by Par.

Therefore, Spectrum will not issue any shares of its common stock to PAR Pharmaceutical in relation to this milestone payment or any other transaction. In addition, Par will focus solely on the marketing and distribution of sumatriptan injection pursuant to the amended agreement.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals opportunistically acquires and advances a diversified portfolio of oncology drug candidates that meet critical health challenges for which there are few other treatment options. Spectrum’s expertise lies in identifying undervalued drug candidates with demonstrated safety and efficacy, and adding value through further clinical development and selection of the most viable and low-risk methods of commercialization. The company’s pipeline includes promising early and late-stage drug candidates with unique formulations and mechanisms of action that address the needs of seriously ill patients, such as at-home chemotherapy and new treatment regimens for refractory disease. For more information, please visit our website at www.spectrumpharm.com.

Forward-looking statements

This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements include but are not limited to statements that relate to our business and its future, Spectrum’s ability to identify, acquire and develop its portfolio of drug candidates, the Company’s promising pipeline, our mission to bring funds into the company without unnecessarily diluting our current investors, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates may not prove safe or effective, the possibility that our existing and new drug candidates may not receive approval from the FDA, and other regulatory agencies in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that past results may not be indicative of future results, the possibility that price and other competitive pressures may make the marketing and sale of our generic drugs not commercially feasible, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of significant revenues, our limited human and financial resources, our limited experience in establishing strategic alliances, our limited marketing experience, our limited experience with the generic drug industry, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company’s reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.

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