Dendreon stalking horse bidder OK’d, increases bid to $400 million

By Angela McDaniels and Kali Hays

Tacoma, Wash., Feb. 5 – Valeant Pharmaceuticals International, Inc. raised its stalking horse bid for Dendreon Corp. to $400 million from $296 million in response to competing bids, according to a Valeant news release.

Dendreon received approval of Valeant as the stalking horse bidder for the sale of substantially all of its assets, according to a Feb. 5 notice with the U.S. Bankruptcy Court for the District of Delaware.

The bid deadline for the auction is 5 p.m. ET on Feb. 10. If an auction is needed, it will be held Feb. 12.

As previously reported, Dendreon extended the bid deadline on Jan. 29 after entering into the stalking horse agreement with Valeant.

A hearing to approve the sale has been rescheduled for Feb. 20.

Under the terms of its stalking horse asset purchase agreement, Valeant would acquire the world-wide rights to Provenge (sipuleucel-T) and some additional Dendreon assets.

Dendreon, a Seattle-based biotechnology company that focuses on novel therapeutics to enhance cancer treatment options, filed for bankruptcy on Nov. 10. The Chapter 11 case number is 14-12515.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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