Valeant sells cancer vaccine to China’s Sanpower Group for $819.9M
Quebec pharmaceutical will use the proceeds to permanently repay loan debts.
LAVAL, Que. — Valeant Pharmaceuticals has agreed to sell all outstanding equity interests in Dendreon Pharmaceuticals to the Sanpower Group, a privately-owned Chinese conglomerate.
Sanpower Group will pay $819.9 million for Dendreon’s only commercialized product called Provenge, a vaccine for prostate cancer treatment.
The Quebec-based pharmaceutical company says it will use the proceeds from the sale to permanently repay loan debts.
Company CEO Joseph C. Papa says the sale will allow the company to exit its non-core assets in the urological oncology business.
“We are pleased to take this step forward in our divestiture program and are continuing to evaluate transactions to simplify our business and strengthen our balance sheet,” he said
The sale is expected to close in the first half of 2017, subject to customary closing conditions.