Valeant Pharmaceuticals International Inc said it would purchase the worldwide rights of Dendreon Corp's Provenge drug and certain other assets through a "stalking horse" deal for $296 million. The deal is subject to higher and better bids.Seattle-based Dendreon filed for bankruptcy protection in November, after sales of its cancer vaccine fell short of expectations and left the company deep in debt.After its approval by U.S. regulators in 2010, hopes were high that Dendreon's Provenge would become a blockbuster. But adoption of the drug, an injection to reprogram the immune system to attack advanced prostate cancer cells, was hindered by its hefty price tag and uncertainty over insurance coverage.
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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