Valeant Pharmaceuticals International, Inc. has been advised by Dendreon Corporation that no additional qualified bids have been received by the bid deadline provided by the US Bankruptcy Court-approved bidding procedures for the sale of substantially all of Dendreon’s assets. Valeant had entered into an amended and restated “stalking horse” asset purchase agreement to acquire the worldwide rights to Dendreon’s Provenge (sipuleucel-T) product and certain other assets of Dendreon for $400 million in cash for the assets, which realized combined revenues of approximately $300 million in 2014.

Valeant had previously announced that, on January 29, 2015, it had entered into an asset purchase agreement constituting a “stalking horse bid” in a sale process being conducted under Section 363 of the US Bankruptcy Code for Provenge. The amended and restated asset purchase agreement increased the purchase price from the original $296 million purchase price.

A hearing at which Dendreon and Valeant will seek the required court approval of the sale is scheduled for February 20, 2015. Valeant expects to close the transaction by the end of February 2015.

Source: Valeant Pharmaceuticals