Can Dendreon’s new Provenge data help ignite a turnaround for the faded cancer star?
Two years ago, when Valeant bought Dendreon and its prostate cancer cell therapy Provenge out of bankruptcy for $400 million, observers marked it as another step down a long and bumpy spiral for a treatment that had once been celebrated as a historic breakthrough. Valeant was the sole bidder and a bad match.
Then CEO J. Michael Pearson called the acquisition an effective way to launch Valeant into the cancer field — but Pearson wasn’t headed anywhere. A year later, the CEO was out the door and Valeant was in utter disarray as its business model of buying drugs and jacking the price became a radioactive source of controversy.
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