Dendreon cancer news
Dendreon filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and said it will begin taking bids for its assets. The company said it reached an agreement with holders of 84% of the $620 million in 2.875% convertible senior notes due 2016 under which Dendreon will convert the notes to stock and will reorganize the company either as a stand-alone recapitalization or sell the company or its assets. Dendreon said qualified bids will not be less than $275 million and any acquirer would continue to produce and provide prostate cancer vaccine Provenge sipuleucel-T. There will be an auction if more than one qualified bid is received and 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. Skadden, Arps, Slate, Meagher & Flom is Dendreon's legal advisor, AlixPartners is the company's financial advisor and Lazard is Dendreon's investment bank. ...