Provenge bidding starts at $275M

Roughly 4.5 years after boasting the first approved prostate cancer vaccine in the U.S. and a market cap north of $6.5 billion, Chapter 11 bankruptcy proceedings from Dendreon Corp. (NASDAQ:DNDN) start the bidding for the company's assets -- namely Provenge sipuleucel-T -- at $275 million.

Dendreon said it will seek a "stand-alone plan" if it does not receive qualified bids. The biotech had about $100 million in cash as of Nov. 7 and said it will continue to provide Provenge during its bankruptcy restructuring. ...