Dendreon, the manufacture of the only FDA approved immunologic therapy for prostate cancer had been burdened with significant debt. The debt came from their R&D of Provenge, their seeking FDA approval and the construction of three manufacturing plants to produce the treatment. Sadly, the company was unable to get its income ahead of its debt burden and was forced to seek bankruptcy protection.
Dendreon was put up for sale by public auction supervised by the U.S. Bankruptcy court. It was announced yesterday that the bidding process has been completed and another pharmaceutical company, Valeant will acquire the rights to Dendreon’s assets going forward.
Malecare welcomes the purchase, as we believe that this purchase will be good for the prostate cancer community. Malecare believes that Valeant intends to continue the production of Provenge for men with prostate cancer. We hope that our optimism for the future of Provenge is well placed.
Joel T. Nowak, M.A., M.S.W.