Tuesday, February 10, 2015

Dendreon 8-K Filing Regarding Cancellation of Auction $DNDNQ

On February 4, 2015, as previously disclosed, the Debtors entered into an amended and restated acquisition agreement (the “Amended and Restated Acquisition Agreement”) with Valeant Pharmaceuticals International, Inc. (the “Purchaser”), pursuant to which the Purchaser agreed to acquire substantially all of the assets and certain liabilities of the Debtors for $400 million. On February 5, 2015, the Bankruptcy Court entered an order approving, among other matters, the rescheduling of the deadline for Qualified Bids to 5:00 p.m. (prevailing Eastern Time) on February 10, 2015 and the date for the auction (assuming receipt of other Qualified Bids) to February 12, 2015.

On February 10, 2015, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that the deadline for Qualified Bids had expired without receipt of additional Qualified Bids. The Debtors will be filing a notice with the Bankruptcy Court stating that the Debtors have accepted the bid of the Purchaser for the purchase of substantially all of the Debtors’ assets and, as the Debtors did not receive any Qualified Bids by the bid deadline other than that submitted by the Purchaser, there is no need for the auction and the auction is therefore canceled. The date for the sale hearing to approve the sale of substantially all of the Debtors’ assets to the Purchaser is currently scheduled for February 20, 2015.

Item 8.01.     Other Events.

On February 5, 2015, the Bankruptcy Court entered an order (the “Order”) establishing certain deadlines for filing proofs of claim against the Debtors, including a General Bar Date (as defined in the Order) of March 16, 2015 at 4:00 p.m. (Eastern Time).

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