Valeant to sell Dendreon unit to China’s Sanpower for $820m

A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi

Canada’s Valeant Pharmaceuticals International Inc said its affiliate will sell its Dendreon cancer business to China’s Sanpower Group Co Ltd for $819.9 million, as the drugmaker continues to shed its non-core assets to repay debt.

Dendreon makes prostate cancer vaccine Provenge that was approved by the U.S. 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 bankrupt Dendreon in 2015 for about $300 million after reaching a stalking-horse deal for Provenge and other assets.

Seattle-based 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 Aits 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.

The Dendreon sale is expected to close in the first half of 2017. Valeant said it will use the proceeds to repay its term-loan debt under its senior credit facility.

Also read:

Blackstone, KKR said to arrange bid financing for Valeant’s Australian unit

Deals-driven hedge funds post lacklustre returns despite M&A boom in 2015

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.