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