LAVAL, Quebec, Jan. 9, 2017 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or
the "Company") today announced that its affiliate has entered into
a definitive agreement to sell all of the outstanding equity
interests in Dendreon Pharmaceuticals, Inc. ("Dendreon") to the
Sanpower Group Co., Ltd., one of the largest privately owned
conglomerates in China. Under the
terms of the transaction, Valeant will receive cash consideration
of $819.9 million at completion.
Dendreon's first and only commercialized product is Provenge®,
an autologous cellular immunotherapy (vaccine) for prostate cancer
treatment approved by the FDA in April 2010.
"With this sale, we are better aligning our product portfolio
with Valeant's new operating strategy by exiting the urological
oncology business, which is one of our non-core assets," said
Valeant CEO Joseph C. Papa. "We are
pleased to take this step forward in our divestiture program and
are continuing to evaluate transactions to simplify our business
and strengthen our balance sheet."
Valeant will use proceeds from the sale of Dendreon to
permanently repay term loan debt under its Senior Secured Credit
Facility. The transaction is expected to close in the first half of
2017, subject to customary closing conditions, including receipt of
applicable regulatory approvals.
Centerview Partners served as financial advisor to Valeant and
Hogan Lovells US LLP represented Valeant in connection with this
transaction. DLA Piper LLP (US) and DLA Piper UK LLP acted as legal
advisor to the Sanpower Group.
About Valeant
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, gastrointestinal disorders, eye health, neurology and
branded generics. More information about Valeant can be found at
www.valeant.com.
About Sanpower
Established in 1993, Sanpower
Group has become one of the largest, privately-owned conglomerates
in China. Headquartered in Nanjing, it offers a global platform for its
five primary sector groups: Health & Wellness, Information
Services, Consumer & Retail, Financial Services, and Real
Estate. Sanpower Group has controlling stakes in more than 100
subsidiaries and has a 90,000-strong global workforce, including
30,000 based internationally. Sanpower Group currently
generates over RMB 100 billion in
revenue.
Forward-looking Statements
This press release
may contain forward-looking statements, including, but not limited
to, the expected timing of the closing of the transaction.
Forward-looking statements may generally be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "target," 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 and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
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.
These forward looking statements speak only as of the date hereof.
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,
unless required by law.
Contact Information:
Elif McDonald
514-856-3855
877-281-6642 (toll free)
elif.mcdonald@valeant.com
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valeant-to-sell-dendreon-to-sanpower-group-for-8199-million-in-cash-300388280.html
SOURCE Valeant Pharmaceuticals International, Inc.