Valeant Pharmaceuticals International Inc. (NYSE: VRX) has raised its bid for bankrupt cancer drug company Dendreon to $400 million from $296 million. 

The deadline for other bids remains Feb. 10. If other bids come in, an auction will be held Feb. 12.

Valeant is serving as the stalking-horse, or lead, bidder for Dendreon's assets, including Provenge, the company's U.S. Food & Drug Administration-approved prostate cancer treatment. Valeant announced a $296 million bid for the assets on Jan. 30. Valeant' s bid is subject to any higher and better offers that may come in.

Quebec-based Valeant has a history of dealmaking, and has previously acquired Solta Medical Inc.Bausch & Lomb and Obagi Medical Products

Dendreon filed for bankruptcy on Nov. 10 to facilitate a deal with its noteholders, and filed a motion to sell that same day. Before it filed, the business had already gone through multiple rounds of layoffs, a restructuring process and a sales process. For more on the company's history, see our previous story on the bankruptcy case.

Skadden Arps Slate Meagher & Flom LLP is Dendreon's legal adviser, while AlixPartners is financial adviser and Lazard is investment bank. Weil Gotshal & Mangers LLP is Valeant's legal adviser.

For more Mergers & Acquisitions restructuring coverage, see our latest edition of Turnaround Tuesday and our Distressed Company Watch List

For more on buyer interest in cancer treatments, see New Cancer Drugs Spark Deal Possibilities

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