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Valeant Pharmaceuticals International Inc
Symbol VRX
Shares Issued 333,572,200
Close 2015-01-29 C$ 203.63
Market Cap C$ 67,925,307,086
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Valeant enters stalking horse deal for Dendreon assets

2015-01-29 21:10 ET - News Release

Ms. Laurie Little reports

VALEANT SELECTED AS LEAD BIDDER TO ACQUIRE DENDREON AND ITS LEADING IMMUNOTHERAPY TREATMENT, PROVENGE (SIPULEUCEL-T)

Valeant Pharmaceuticals International Inc. has entered into a stalking horse asset purchase agreement to acquire certain assets of Dendreon Corp. for $296-million in cash. Pursuant to the terms of the agreement, Valeant will acquire the worldwide rights to Dendreon's Provenge (sipuleucel-T) product and certain other Dendreon assets. Provenge (sipuleucel-T) is an immunotherapy treatment designed to treat men with advanced prostate cancer by taking the body's own immune cells and reprogramming them to attack advanced prostate cancer. The product was approved by the U.S. Food and Drug Administration in April, 2010, and realized revenues of approximately $300-million in 2014. Provenge was approved by the European Medicines Agency in 2013. Dendreon has been a debtor pursuant to Chapter 11 of the U.S. Bankruptcy Code since November of 2014. The asset purchase agreement constitutes a stalking horse bid in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. As the stalking horse bidder, Valeant will be entitled to a breakup fee and expense reimbursement if it ultimately does not prevail as the successful bidder at a subsequent auction for Dendreon's assets. Valeant's role as a stalking horse bidder, and the sale itself, is subject to approval by the Bankruptcy Court. In addition, completion of the transaction remains subject to higher or better offers at such auction and customary closing conditions.

"We believe that oncology has similar characteristics to our current therapeutic portfolios, such as strong growth, high durability, strong patient and physician loyalty, and a terrific reimbursement regime," stated J. Michael Pearson, chairman and chief executive officer. "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."

Court documents and additional information are available through Dendreon's claims agent, Prime Clerk, or 844-794-3479. Weil, Gotshal & Manges LLP is serving as Valeant's legal adviser. Skadden, Arps, Slate, Meagher & Flom LLP is serving as Dendreon's legal adviser, AlixPartners is serving as its financial adviser and Lazard is serving as its investment bank.

We seek Safe Harbor.

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