Dendreon Corp. has sold its immunotherapy manufacturing facility (IMF) in Morris Plains, NJ, to Novartis for $43 million in cash. The 173,100-sq.-ft. facility features capabilities to manufacture PROVENGE (sipuleucel-T), Dendreon’s autologous cellular immunotherapy, which received FDA approval for the treatment of metastatic castrate resistant prostate cancer. Earlier this year, Dendreon announced plans to wind down the manufacture of PROVENGE at the facility as part of a strategic restructuring plan.
“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.”
Novartis Buys Dendreon Manufacturing Facility
Published December 20, 2012
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