Dendreon gets stalking horse bid from Valeant, extends bid deadline

By Angela McDaniels

Tacoma, Wash., Jan. 29 – Dendreon Corp. said Valeant Pharmaceuticals International, Inc. agreed to be its stalking horse bidder in connection with the sale of substantially all of its assets.

The agreement is subject to bankruptcy court approval, according to a Dendreon news release.

Under the terms of the agreement, Valeant would acquire the world-wide rights to Provenge (sipuleucel-T) and some additional Dendreon assets for $296 million, subject to higher and better bids.

Dendreon extended the bid deadline for the auction of its assets to 5 p.m. ET on Feb. 10 from 5 p.m. ET on Jan. 29. If an auction is needed, it will be held Feb. 12.

As previously reported, Dendreon said in December that it would not select a stalking horse bid for the sale of substantially all of its assets. Under approved bid procedures, a stalking horse bid for the assets was required to exceed $275 million and be submitted by Dec. 29.

Dendreon, a Seattle-based biotechnology company that focuses on novel therapeutics to enhance cancer treatment options, filed for bankruptcy on Nov. 10. The Chapter 11 case number is 14-12515.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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