Dendreon seeks a buyer as it files for bankruptcy
US biotech firm Dendreon (Nasdaq: DNDN) has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court as part of a far-reaching financial restructuring agreement.
The company announced today that it has reached agreements on the terms of a financial restructuring with certain holders of the company's 2.875% Convertible Senior Notes due 2016, representing around 84% of the $620 million aggregate principal amount of the 2016 Notes. Under the terms of the agreements, the financial restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets.
Prostate cancer treatment Provenge (sipuleucel-T) is the company’s only product. The company said the transactions under the agreements will enable continued delivery of Provenge without disruption or impact to access for providers and appropriate patients.
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