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Valeant cleared to open bidding for Dendreon

Feb 05, 2015 - The Deal Pipeline

Seattle biotechnology company Dendreon Corp. (DNDNQ) will head to a Feb. 12 auction with a $400 million stalking-horse bid from Valeant Pharmaceuticals International Inc. (VRX).

Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Thursday sanctioned Valeant's role as the lead bidder, thanks to an increased $400 million offer.

Debtor counsel Ken Ziman of Skadden, Arps, Slate, Meagher & Flom LLP said in court the final price came...