Jan 29 (Reuters) - Valeant Pharmaceuticals International Inc said it would buy 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. (Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)