Dendreon Sees Light at the End of the Provenge Tunnel

The Canadian company Valeant Pharmaceuticals International Inc has reached an agreement to buy the prostate cancer immunotherapy from Dendreon Corp.

Valeant Pharmaceuticals International Inc. said late Thursday it has reached a tentative deal to buy the prostate- cancer drug Provenge and other assets from Dendreon Corp. for $296 million in cash.

Quebec-based Valeant said it has entered into a so-called stalking-horse agreement, which means it is the preferred bidder and the company would receive an unspecified breakup fee and reimbursed expenses if its bid doesn't win the auction for Dendreon's assets. A bankruptcy court also must approve Valeant's stalking-horse bid and the sale, Valeant said.

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