Valeant increases its offer to remain lead bidder in Dendreon 'stalking horse' acquisition

5 February 2015

Quebec, Canada-based Valeant Pharmaceuticals (NYSE: VRX) has entered into an amended agreement to remain lead bidder in the acquisition of Dendreon and its product Provenge (sipuleucel-T).

Valeant has raised its offer to $400 million in cash for the assets as part of its amended and restated "stalking horse" asset purchase.

The company previously announced that it had entered into an asset purchase agreement in a sale process being conducted under Section 363 of the US Bankruptcy Code. The new agreement increases the purchase price from the originally-stated $296 million.

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