Valeant makes $296M bid for Provenge

Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) made a $296 million cash bid to acquire selected assets of bankrupt Dendreon Corp. (Pink:DNDNQ), including global rights to prostate cancer vaccine Provenge sipuleucel-T.

The agreement makes Valeant the "stalking horse" bidder for those assets in Dendreon's Chapter 11 bankruptcy auction, scheduled for Feb. 12. Valeant is entitled to a breakup fee plus reimbursement of expenses if it is outbid. Dendreon extended the bidding deadline to Feb. 10. ...