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.
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.
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.
Dendreon is getting tired of soldiering on alone. As Bloomberg reports, the Seattle-based company is casting about for buyers as its prostate cancer treatment Provenge continues to lag--and Dendreon's stock lags along with it.
Sanofi now has not one, but two, big multiple sclerosis launches to get under way in Europe. Two weeks after nabbing EU approval for its new MS pill Aubagio, Sanofi got regulatory clearance for Lemtrada.
Investors spanked the Seattle company severely in after-hours trading Thursday after it reported that sales of the drug were off 8% in the second quarter year-over-year to $73 million.
It was a very, very big week in Europe for drugmakers. The European Committee for Medicinal Products for Human Use (CHMP) recommended 10 drugs for approval, including two biosimilars, it said today.