Dendreon bid deadline pushed back two days to continue bidder talks

By Caroline Salls

Pittsburgh, Jan. 27 – Dendreon Corp. said the bid deadline for the proposed sale of substantially all of its assets was extended to 5 p.m. ET on Jan. 29 from the same time on Jan. 27.

According to an 8-K filed Tuesday with the Securities and Exchange Commission, the deadline was extended to continue talks with potential bidders.

As previously reported, Dendreon said in December that it will 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.

Though Dendreon said that it has had “active participation from a number of bidders,” the company said it will proceed with an auction without a stalking horse.

Dendreon, a Seattle-based biotechnology company that focuses on novel therapeutics to enhance cancer treatment options, filed for bankruptcy on Nov. 10 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-12515.

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