With high expectations on Provenge, Dendreon is 'sold' (again) in $832M deal
Dendreon — and its faded cancer star Provenge — is changing hands for the second time in less than two years.
Their new owner is Nanjing Xinbai, a department store conglomerate that’s been beefing up its pharmaceutical business, which first proposed to snap up the prostate cancer cell therapy last November.
The deal is valued at $872 million (CNY 59,680,000,000), though no cash is involved. Sanpower Group, which currently owns Dendreon through a Hong Kong-based subsidiary called Shiding Shengwu Biotechnology, is also a controlling stockholder of Xinbai. Moving Dendreon into publicly traded Xinbai “has been Sanpower’s long-term plan since acquiring Dendreon in 2017,” Dendreon CEO Jim Caggiano wrote via email.
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