Sanpower Group to Acquire Dendreon from Valeant for $819.9M

Sanpower Group, one of the largest privately owned conglomerates in China, reached an agreement with Valeant, a world's leading pharmaceutical company, to acquire a 100% stake in its US biopharmaceutical company Dendreon for $819.9 million.

Dendreon's first and only commercialized product is Provenge, an autologous cellular immunotherapy for prostate cancer treatment approved by the FDA in April 2010.

With this sale, Valeant will exit oncology, one of its non-core therapeutic areas, in order to focus on its core businesses.

After the completion of the acquisition, Sanpower Group plans to accelerate Provenge sales penetration in the United States and also align its own resources to introduce Provenge to China and other major markets in Asia.