Bankrupt drugmaker Dendreon Corp has reached a stalking-horse deal with Canada's Valeant Pharmaceuticals International Inc to sell the worldwide rights to its cancer vaccine, Provenge, and certain assets for $296 million.The deal is subject to higher and better offers and extended the bid deadline to Feb. 10 for interested parties to participate in an auction, Dendreon said on Thursday.A stalking-horse bidder often helps draw others to an auction by setting a floor price, but they also require the bankrupt company to commit to paying break-up and other fees if the stalking horse is outbid.Seattle-based Dendreon filed for bankruptcy protection in November, after sales of Provenge fell short of expectations and left the company deep in debt.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.57% or $0.92/share to $161.51. In the past year, the shares have traded as low as $106.00 and as high as $162.80. On average, 2131940 shares of VRX exchange hands on a given day and today's volume is recorded at 1383591.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.24% or $2.49/share to $203.63. In the past year, the shares have traded as low as $116.01 and as high as $204.04. On average, 436332 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 356781.
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