Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of biotechnology company Spectrum Pharmaceuticals (Nasdaq: SPPI) dipped as much as 14% following an update from the company regarding its pipeline and after announcing an acquisition.

So what: Spectrum's experimental drug apaziquone, which is aimed at treating the most common form of bladder cancer, failed to show statistical significance in late-stage clinical trials versus the placebo. The drug was developed in partnership with Allergan (NYSE: AGN), and the two did note that the statistical data pooled from their studies could lead to other avenues for apaziquone. Spectrum also announced the acquisition of Allos Therapeutics (Nasdaq: ALTH) for $1.82 per share, or an 11% premium to yesterday's close.

Now what: Allos' lead drug, Folotyn, and Spectrum's Zevalin are both prescribed by hematologist-oncologists, but they attack different types of blood cancer. With both drugs under the same roof, Spectrum expects to save $40 million-$50 million per year, as the sales force pitches the non-competing treatments to the same doctors.

Those savings are nothing to sneeze at, but neither is today's negative news on apaziquone. For now I'm going to call today a wash and put Spectrum on my watchlist for further research.

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