Dendreon Looks Out For Suitable Buyers: Bloomberg

(RTTNews) - Drugmaker Dendreon Corp.,(DNDN), is working with JPMorgan Chase & Co.(JPM), to look for a suitable buyer, according to Bloomberg. The company in August said that it does not expect to see enough of a sales increase in the second half of the year to meet its goal of growing Provenge year over year. People familiar with the matter have quoted that this might be the reason for the company to seek buyers.

Dendreon's Cash and short-term investments had decreased to $207.4 million as of June from $538.6 million at the end of 2011. Dendreon and JPMorgan's spokespersons have reportedly declined to comment.

Dendreon stock closed Friday at $2.53, up $0.12 or 4.98%, on a volume of 7.59 million shares on the Nasdaq. In after hours, the stock further gained $0.16 or 6.32% at $2.69.