The post-acquisition layoffs have begun at Dendreon, with 77 employees losing their jobs.
Assets of Seattle-based Dendreon were purchased out of bankruptcy by Valeant Pharmaceuticals International. The Seattle Times first reported that the legally required WARN (Worker Adjustment and Retraining Notification) notice has been received by the State of Washington’s Employment Security Department, with layoffs to begin as of February 23, right after the asset sale was completed.
A Valeant spokesperson confirms to GeekWire that the notice was filed, adding, “As with every merger, there are some positions that are duplicative between the companies, especially in overlapping corporate and back office functions. Our corporate headquarters is in Montreal and our U.S. headquarters is in New Jersey, so certain positions in Seattle were affected.”
Valeant says everyone has been notified, with some let go last week and others continuing on during a transition period.
Dendreon was the maker of the prostate cancer treatment Provenge. Valeant purchased Dendreon for $495 million and, at the time, indicated it would retain Dendreon’s employees and supply contracts.
The once-promising biotech firm filed for Chapter 11 bankruptcy protection last November after laying off 150 employees earlier.
[Updated 8:03am with confirmation and comment from Valeant.]