Valeants $400M is Sole Offer, Purchase is Next
Summary
Valeant announced late Tuesday its acquisition of Dendreon should close by the end of February, pending court approval.Marketing struggles, reimbursement questions, a high $93,000 price tag, and other issues hamstrung Provenge’s launch.While Dendreon took on hundreds of millions of dollars in debt, new prostate cancer drugs like abiraterone (Zytiga) and enzalutamide (Xtandi) grabbed market share.At the time of Valeant’s initial bid of $296 million in late January, chairman and CEO J. Michael Pearson called a potential Dendreon acquisition an “economic way” for his company to enter the oncology space.“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.”