Dendreon Announces Expiration Of Bid Deadline On Deal To Sell Assets To Valeant

(RTTNews) - Dendreon Corp. announced that the bid deadline provided by the Court-approved bidding procedures for the sale of substantially all of the Company's assets has expired without receipt of additional qualified bids. The Company previously entered into an asset purchase agreement with Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) through which Valeant will acquire the world-wide rights of PROVENGE (sipuleucel-T) and certain other Dendreon assets for $400 million.

A hearing at which Dendreon and Valeant will seek the required Court approval of the sale is scheduled for February 20, 2015.

Dendreon anticipates the completion of the sale to Valeant to occur by the end of February 2015, subject to certain closing conditions, including approval from the Court.