Dendreon Selling Royalty Interest Of Hepatitis C Treatment To Boost Cash Position
Tuesday, December 06, 2011 1:07 PM
Dendreon Corp. (NASDAQ:DNDN),a biotechnology company, has agreed to sell its royalty interest associated with VICTRELIS, a treatment for chronic hepatitis C, for $125 million to boost its cash position.
The intellectual property related to VICTRELIS was co-developed by Corvas International, Inc. and Merck's unit Schering and, was acquired by Dendreon in July 2003.
The royalty interest was acquired by CPPIB Credit Investments Inc., a subsidiary of Toronto-based CPP Investment Board (CPPIB).
The transaction is expected to close this month.
VICTRELIS was approved by the U.S. Food and Drug Administration (FDA) on May 13, 2011. Dendreon’s first product, PROVENGE was approved by the FDA in April 2010.
Seattle, Washington-based Dendreon is trading unchanged at $8.80 at 12.35 pm EST. The stock has been trading in the 52-week range between $6.46 and $43.96.
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