Valeant only just picked up Provenge from bankrupt Dendreon, but it's already trumpeting positive data for the flailing prostate cancer vaccine.
The deadline to bid for Dendreon has come and gone, and now that no other qualified bids have come forward, Valeant is walking away victorious.
Valeant has finally made a significant M&A move after its failed pursuit of Allergan, and bankrupt Dendreon has finally found a way to unload cancer vaccine Provenge. And they're one and the same.
Struggling Dendreon has tried streamlining its manufacturing process for cancer vaccine Provenge. It's tried laying off hundreds of employees, cutting operating costs and raising capital. And it's tried putting itself up for sale. But no dice: The company is still swimming in a sea of debt that Monday spurred it to file for Chapter 11 bankruptcy protection.
Struggling Dendreon has named a new CEO in W. Thomas Amick, a longtime Johnson & Johnson vet.
Looks like CEO John Johnson won't be around to go down with Dendreon if the ship sinks. Johnson resigned from the board last week and will give up his CEO post in mid-August, the company said Monday.
From a slight rise in revenue at the struggling cancer drugmaker Dendreon to a deal-fed increase at Valeant Pharmaceuticals to an against-the-odds upward tick at Germany's Stada, some smaller drugmakers are thumbing their noses at Big Pharma's downward trend this quarter.
Dendreon's lead treatment, prostate cancer vaccine Provenge, continues to post sales losses, leaving many pessimistic that the struggling biotech will be able to right the ship. Now, however, it appears one of the company's doubters may have had an ulterior motive.
Dendreon's press releases have a definite broken-record sound. After posting another round of disappointing sales and earnings, the company is once again cutting jobs and costs. This time, it's 15% of the workforce, or about 150 jobs, and $125 million in spending.
Just a few days ago, we learned that Dendreon is looking to woo a buyer. The question now is whether the struggling drugmaker can find a suitor to take on its baggage.