UPDATE 1-Spectrum inks deal with Korea's Handok for cancer drug

* Handok may pay Spectrum more than $19 mln

* Handok to bear full development and marketing costs

* Spectrum shares rise 9 pct

Nov 23 (Reuters) - Spectrum Pharmaceuticals Inc (SPPI.O: 行情) said Handok Pharmaceuticals Co Ltd (002390.KS: 行情) will develop and commercialize Spectrum's experimental cancer drug in South Korea as part of a deal valued at more than $19 million.

Handok will bear all the development and commercial costs for apaziquone, which is currently being tested for the treatment of non-muscle invasive bladder cancer. Spectrum will receive upfront payment, milestones and royalties as part of the deal.

Shares of Spectrum jumped 9 percent to $5.18 in pre-market trade. They closed at $4.74 Friday on Nasdaq.

Spectrum is currently conducting two late-stage clinical trials to test apaziquone's safety and efficacy in the same indication and aims to complete enrollment in both the studies by the year end.