Dendreon Sells New Jersey Immunotherapy Manufacturing Facility
12/20/2012| 08:35am US/Eastern
Dendreon Corporation (NASDAQ: DNDN) today announced the sale of its immunotherapy manufacturing facility (IMF) based in Morris Plains, New Jersey, to Novartis Pharmaceuticals Corporation for $43 million in cash.
"This agreement represents a positive outcome for Dendreon, our shareholders and New Jersey," said John H. Johnson, chairman, president and chief executive officer of Dendreon. "Dendreon continues to make progress in improving our financial strength, and this transaction is aligned with that goal as we work to build value for our shareholders. We are also pleased that approximately 100 of the existing employees at the facility will have the opportunity to retain their jobs and work for Novartis as the company builds out its immunotherapy operations and develops new treatments for patients."
Dendreon's Morris Plains, New Jersey, facility is a 173,100 square foot state-of-the-art IMF, featuring revolutionary capabilities to manufacture PROVENGE® (sipuleucel-T), the first autologous cellular immunotherapy to receive U.S. Food and Drug Administration approval for the treatment of asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer. Earlier this year, Dendreon announced its intent to wind down the manufacturing of PROVENGE® at the Morris Plains facility in conjunction with a strategic restructuring plan designed to accelerate the Company's path to profitability and future growth.
"Activated Cellular Immunotherapy offers the potential to treat a variety of diseases in a revolutionary way. We are pleased that Novartis has selected our facility to advance and accelerate their work in this exciting and emerging field," said Christine Mikail, executive vice president, corporate development at Dendreon.
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