Panning after Gold

At least one investor is hopeful that John Johnson, the new president, CEO and chairman-elect of Dendreon Corp. will transform the commercially challenged biotech into a takeout target.

Johnson replaces Mitchell Gold, who will remain as executive chairman through June. Gold assumed the helm in 2003 after Provenge sipuleucel-T missed the primary endpoint in a Phase III trial in prostate cancer and he guided the drug to FDA approval in 2010...