On January 29, 2015 Dendreon reported that it has reached an agreement with Valeant Pharmaceuticals International pursuant to which, subject to bankruptcy court approval, Valeant will serve as the "stalking horse" bidder in conjunction with a court-supervised sales process (Press release Dendreon, JAN 29, 2015, View Source [SID:1234501440]).
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Under the terms of the agreement, Valeant would acquire the world-wide rights of PROVENGE (sipuleucel-T) and certain other Dendreon assets for $296 million, subject to higher and better bids.
Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology and branded generics.
"We are pleased to reach this agreement with Valeant and to move forward with the court-supervised sales process," said W. Thomas Amick, president and chief executive officer of Dendreon. "We are confident that this process will result in a strong new owner for PROVENGE, and that patients will continue to receive treatments with no disruption moving forward. We thank our employees for their continued hard work, dedication and commitment to serving our physicians and their patients."
The Company also announced that it would be extending the bid deadline for interested parties to submit qualified bids to participate in an auction for the Company’s assets from January 29, 2015 at 5:00 p.m. Eastern Time to 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.
The full terms of the agreement will be filed with the Securities and Exchange Commission. Court documents and additional information are available through Dendreon’s claims agent, Prime Clerk, at View Source or 844-794-3479.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company’s legal advisor, AlixPartners is serving as its financial advisor and Lazard is serving as its investment bank.
Weil, Gotshal & Manges LLP acted as legal advisor to Valeant.