Valeant Pharma to acquire assets from Dendreon including Provenge (sipuleucel-T) for $296 million

Valeant Pharmaceuticals International, Inc. announced that it has entered into a "stalking horse" asset purchase agreement to acquire certain assets of Dendreon Corporation for $296 million in cash. Pursuant to the terms of the agreement, Valeant will acquire the world-wide rights to Dendreon's Provenge (sipuleucel-T) product and certain other Dendreon assets. Provenge (sipuleucel-T) is an immunotherapy treatment designed to treat men with advanced Prostate Cancer by taking the body's own immune cells and reprograming them to attack advanced prostate cancer. The product was approved by the FDA in April 2010 and realized revenues of approximately $300 million in 2014. Provenge was approved by the European Medicines Agency in 2013.