Tuesday, February 10, 2015

" Dendreon Announces Expiration of Bid Deadline in Connection with Agreement to Sell Substantially All Assets to Valeant" $DNDNQ

SEATTLE, Feb 10, 2015 (BUSINESS WIRE) -- February 10, 2015 – Dendreon Corporation (“Dendreon” or the “Company”) announced today that the bid deadline provided by the Court-approved bidding procedures for the sale of substantially all of the Company’s assets has expired without receipt of additional qualified bids. The Company previously entered into an asset purchase agreement with Valeant Pharmaceuticals International, Inc. ("Valeant") through which Valeant will acquire the world-wide rights of PROVENGE® (sipuleucel-T) and certain other Dendreon assets for $400 million. A hearing at which Dendreon and Valeant will seek the required Court approval of the sale is scheduled for February 20, 2015.

“The robust sale process resulted in an agreement that maximizes the value of Dendreon while allowing PROVENGE to remain commercially available to patients and providers,” said W. Thomas Amick, president and chief executive officer of Dendreon. “We are confident that Valeant will be a strong owner for PROVENGE and patients will be able to receive treatments with no disruption moving forward. We want to thank our employees whose continued hard work, dedication and commitment to serving our physicians and their patients enabled us to move through this process.”

Dendreon anticipates the completion of the sale to Valeant to occur by the end of February 2015, subject to certain closing conditions, including approval from the Court.
The bid was $400 million, bondholders are owed $620 million.

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