Canada’s Valeant to sell Dendreon unit to Sanpower for $ 820m
Canada’s Valeant Pharmaceuticals International Inc said its affiliate will sell its Dendreon cancer business to China’s Sanpower Group Co for $ 819.9 million, as the drugmaker continues to shed its non- core assets to repay debt.
Dendreon makes the prostate cancer vaccine Provenge, which was approved by the US Food and Drug Administration in 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,” Valeant Chief Executive Joseph Papa said in a statement on Monday.
The company bought Dendreon in 2015 for about $ 300 million after reaching a deal for Provenge and other assets.
Dendreon filed for bankruptcy protection after sales of Provenge fell short of expectations and left the company deep in debt.
Valeant is trying to regain investor confidence following a tumultuous year in which its pricing strategy and ties to a specialty pharmacy led to a wider political and regulatory scrutiny.
In August, the company said it was eyeing $ 8 billion worth of sales for its non- core assets and could accept offers for its main businesses.