Dendreon, the maker of the prostate cancer treatment Provenge, has been sold for $495 million to Valeant Pharmaceuticals International. The Wall Street Journal reports that the purchase price increased by $95 million last Thursday, with Valeant picking up $80 million of Dendreon’s cash as well as an experimental drug known as D-3263.
Valeant, which said in a press release that the deal will officially close today, also indicated that it will retain Dendreon’s employees and supply contracts.
Once a rising star in Seattle’s biotech industry, Dendreon fell on tough times in recent years, laying off large portions of its employee base and eventually filing for bankruptcy last year.
In addition to buying Dendreon, Valeant also said that it is acquiring Salix Pharmaceuticals for a total enterprise value of $14.5 billion. Raleigh, North Carolina-based Salix is the maker of the irritable bowel syndrome drug Xifaxan.
Valeant also released fourth quarter earnings, reporting revenue of $2.3 billion.