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Dendreon Stalking Horse Bidder Approved

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According to the U.S. Bankruptcy Court docket, the Court issued an order approving the sale of Dendreon’s assets free and clear of all liens, claims, encumbrances and interests; (ii) authorizing the assumption and assignment of certain executory contracts and unexpired leases and (iii) granting certain related relief. Valeant Pharmaceuticals International is the stalking horse bidder with its raised purchase price of $495 million.

As previously reported, “On February 19, 2015, the Debtors, Valeant and Drone Acquisition Sub Inc., a wholly-owned direct subsidiary of Valeant (the ‘Purchaser’), entered into a second amended and restated acquisition agreement (the ‘Acquisition Agreement’), which amends certain terms of the Amended Stalking Horse Agreement and provides for an aggregate purchase price of $495 million (which includes the purchase of $80 million in cash, for an effective increase of $15 million over the Amended Stalking Horse Agreement for the purchase of certain additional assets of the Debtors), of which $445.5 million is payable in cash at closing and $49.5 million is payable in common shares of Valeant to be issued to the Company on the anticipated date of effectiveness of a plan of liquidation or reorganization in the Chapter 11 Cases and subsequently distributed to creditors in accordance with such plan and the terms of the Acquisition Agreement.”

Read more about the DNDN bankruptcy case.