Valeant To Sell Its Dendreon Cancer Business To China's Sanpower

Valeant Pharmaceuticals International, Inc. announced Monday night it was selling its Dendreon cancer business to Chinese conglomerate Sanpower Group Co. for $819.9 million in cash. Dandreon's only commercial product is Provenge, a treatment for prostate cancer. "With this sale, we are better aligning our product portfolio with Valeant's new operating strategy by exiting the urological oncology business, which is one of our non-core assets," Valeant CEO Joseph Papa said in a statement. Quebec-based Valeant said it would use the sale proceeds to repay loan debt, and expects the deal to close in the first half of 2017.