No new bidders emerge for Dendreon, so Valeant gets Provenge

US biotech firm Dendreon (Nasdaq: DNDN) revealed yesterday that the bid deadline provided by the Court-approved bidding procedures for the sale of substantially all of the company’s assets has expired without receipt of bids additional qualified.

The company previously entered into an asset purchase agreement with Canada’s Valeant Pharmaceuticals International (TSX: VRX) through which Valeant will acquire the world-wide rights of prostate cancer treatment Provenge (sipuleucel-T) and certain other Dendreon assets for $400 million, an increased offer last week under the “stalking horse” plan for sales of the business. A hearing at which Dendreon and Valeant will seek the required Court approval of the sale is scheduled for February 20, 2015. The transaction was conducted under Section 363 of the US Bankruptcy Code.

“The robust sale process resulted in an agreement that maximizes the value of Dendreon while allowing Provenge to remain commercially available to patients and providers,” said Thomas Amick, president and chief executive of Dendreon, adding: “We are confident that Valeant will be a strong owner for Provenge and patients will be able to receive treatments with no disruption moving forward. We want to thank our employees whose continued hard work, dedication and commitment to serving our physicians and their patients enabled us to move through this process.”