Drugmaker Valeant raises bid for Dendreon cancer vaccine

Thu Feb 5, 2015 10:59am EST
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Feb 5 (Reuters) - Valeant Pharmaceuticals International Inc said on Thursday it has raised its bid for worldwide rights to a prostate cancer vaccine owned by bankrupt drugmaker Dendreon Corp.

Laval, Quebec-based Valeant said that in response to competing bids, it has hiked its bid to $400 million in cash from $296 million for the drug, called Provenge, and certain other assets.

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 said a bankruptcy court has approved its status as a stalking horse bidder, which entitles it to a break-up fee and expense reimbursement if its bid does not succeed at auction.

The bid deadline to participate in an auction is Feb. 10, with a possible auction to be held on Feb. 12.

Valeant shares were down 1 percent in Toronto and traded slightly lower in New York, on Thursday morning. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)