LAVAL, Quebec, Jan. 29, 2015 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today
announced that it has entered into a "stalking horse" asset
purchase agreement to acquire certain assets of Dendreon
Corporation ("Dendreon") 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 U.S. Food
and Drug Administration (FDA) in April
2010 and realized revenues of approximately $300 million in 2014. PROVENGE® was
approved by the European Medicines Agency in 2013.
Dendreon has been a debtor pursuant to chapter 11 of the U.S.
Bankruptcy Code since November of 2014. The asset purchase
agreement constitutes a "stalking horse bid" in a sale process
being conducted under Section 363 of the U.S. Bankruptcy
Code. As the "stalking horse bidder," Valeant will be
entitled to a break-up fee and expense reimbursement if it
ultimately does not prevail as the successful bidder at a
subsequent auction for Dendreon's assets. Valeant's role as a
stalking horse bidder, and the sale itself, are subject to approval
by the Bankruptcy Court. In addition, completion of the
transaction remains subject to higher or better offers at such
auction and customary closing conditions.
"We believe that oncology has similar characteristics to our
current therapeutic portfolios, such as strong growth, high
durability, strong patient and physician loyalty, and a terrific
reimbursement regime," stated J. Michael
Pearson, chairman and chief executive officer. "We
have not previously found an economic way to enter this market, but
with the unique dynamics of this situation, we believe that this
transaction will create significant shareholder value."
Court documents and additional information are available through
Dendreon's claims agent, Prime Clerk, at
https://cases.primeclerk.com/dendreon or 844-794-3479.
Weil, Gotshal & Manges LLP is serving as Valeant's legal
advisor. Skadden, Arps, Slate, Meagher & Flom LLP is
serving as Dendreon's legal advisor, AlixPartners is serving as its
financial advisor and Lazard is serving as its investment bank.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology
and branded generics. More information about Valeant can be found
at www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, statements regarding the closing of
the transaction with Dendreon and the creation of shareholder
value. Forward-looking statements may be identified by the use of
the words "anticipates," "expects," "intends," "plans," "should,"
"could," "would," "may," "will," "believes," "estimates,"
"potential," or "continue" and variations or similar expressions.
These statements are based upon the current expectations and
beliefs of management and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to, risks and
uncertainties discussed in the company's most recent annual or
quarterly report filed with the Securities and Exchange Commission
("SEC") and other risks and uncertainties detailed from time to
time in the Company's filings with the SEC and the Canadian
Securities Administrators, which factors are incorporated herein by
reference. Readers are cautioned not to place undue reliance on any
of these forward-looking statements. Valeant undertakes no
obligation to update any of these forward-looking statements to
reflect events or circumstances after the date of this press
release or to reflect actual outcomes, except as required by
law.
Contact Information:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
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SOURCE Valeant Pharmaceuticals International, Inc.