Valeant to buy Dendreon's prostate cancer vaccine Provenge

(Reuters) - Bankrupt drugmaker Dendreon Corp has reached a stalking-horse deal with Canada's Valeant Pharmaceuticals International Inc to sell the worldwide rights to its cancer vaccine, Provenge, and certain assets for $296 million. The deal is subject to higher and better bids and extended the bid deadline to Feb. 10 for interested parties to participate in an auction, Dendreon said on Thursday. A stalking-horse bidder often helps draw others to an auction by setting a floor price, but they also require the bankrupt company to commit to paying break-up and other fees if the stalking horse is outbid. Seattle-based Dendreon filed for bankruptcy protection in November, after sales of Provenge fell short of expectations and left the company deep in debt.



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