On February 5, 2015 Dendreon reported that it has entered into an amended agreement with Valeant Pharmaceuticals International in connection with the previously announced court-supervised sales process (Press release Dendreon, FEB 5, 2015, View Source [SID:1234501485]). Under the terms of the amended agreement, subject to bankruptcy court approval, Valeant would acquire the world-wide rights of PROVENGE (sipuleucel-T) and certain other Dendreon assets for $400 million, subject to higher and better bids.
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As previously announced, the bid deadline for interested parties to submit qualified bids to participate in an auction for the Company’s assets is scheduled for February 10, 2015 at 5:00 p.m. Eastern Time. Assuming additional qualified bids are submitted, an auction would be held on February 12, 2015. Under the terms of the amended agreement, Valeant will serve as the "stalking horse" bidder in conjunction with the court-supervised auction.
The Company is operating in the ordinary course and continues to produce and deliver PROVENGE without interruption.