Sanpower Group Closes Acquisition of Dendreon
June 29, 2017 07:21 EST
Company to Focus on Accelerating Its Positive Growth Trajectory for PROVENGE and Expanding Clinical Development Program - James Caggiano Promoted to Chief Executive Officer of Dendreon
SEAL BEACH, Calif.--(BUSINESS WIRE)--Dendreon Pharmaceuticals LLC (“Dendreon”) today announced the close of a transaction in which Sanpower Group, a private Chinese conglomerate, acquired Dendreon from an affiliate of Valeant Pharmaceuticals International, Inc. for $819.9 million in cash.
“Having treated over 20,000 metastatic prostate cancer patients since PROVENGE was approved, our aim now is to treat a larger percentage of the more than 40,000 men who are afflicted with this disease each year.”
By operating as a standalone company, under the ownership of Sanpower Group, Dendreon will strive to further accelerate and expand access to its flagship immunotherapy product PROVENGE® (sipuleucel-T) to prostate cancer patients worldwide. This is an important goal as the global incidence of prostate cancer continues to climb.
“The first order of business is to work to accelerate the growth trajectory we’ve established over the last two years. PROVENGE remains a groundbreaking therapy, with a demonstrated overall survival benefit and a manageable safety profile,” said Dendreon CEO James Caggiano. “Having treated over 20,000 metastatic prostate cancer patients since PROVENGE was approved, our aim now is to treat a larger percentage of the more than 40,000 men who are afflicted with this disease each year.”
Since being purchased by Valeant two years ago, Dendreon has achieved consistent growth in the use of PROVENGE. Enrollments (prescriptions) of PROVENGE grew by more than 10 percent from 2015 to 2016.
The Dendreon leadership, commercial, sales, manufacturing and operations teams will remain in place following closing, focusing on the continued delivery of life-extending cancer immuno-oncology treatments to those in need.
The acquisition of Dendreon is a milestone for Sanpower Group, its first in the U.S. healthcare sector. “PROVENGE is the first immunotherapy approved and marketed in the U.S. We will work with the relevant authorities to bring PROVENGE to other markets, especially to China and SE Asia. We also plan to evaluate PROVENGE usage in early-stage prostate cancer, with the hope of curing more men of the disease,” remarked Sanpower Chairman Yuan Yafei. “Dendreon brings unique strategic value to our portfolio, and coupled with the largest cord blood bank in the world, our goal is to become a leader in stem cells and immune-oncology. We also plan to add on adjacent assets to Dendreon to enrich its pipeline.”
PROVENGE was the first U.S. Food and Drug Administration-approved personalized immunotherapy for cancer – and remains the only autologous immunotherapy in the world approved for human use.
About PROVENGE® (sipuleucel-T)
PROVENGE® (sipuleucel-T) is an autologous cellular immunotherapy indicated for the treatment of asymptomatic or minimally symptomatic metastatic castrate-resistant (hormone refractory) prostate cancer.
IMPORTANT SAFETY INFORMATION
Acute Infusion Reactions: Acute infusion reactions (reported within 1 day of infusion) may occur and include nausea, vomiting, fatigue, fever, rigor or chills, respiratory events (dyspnea, hypoxia, and bronchospasm), syncope, hypotension, hypertension, and tachycardia.
Thromboembolic Events: Thromboembolic events, including deep venous thrombosis and pulmonary embolism, can occur following infusion of PROVENGE. The clinical significance and causal relationship are uncertain. Most patients had multiple risk factors for these events. PROVENGE should be used with caution in patients with risk factors for thromboembolic events.
Vascular Disorders: Cerebrovascular events (hemorrhagic/ischemic strokes and transient ischemic attacks) and cardiovascular disorders (myocardial infarctions) have been reported following infusion of PROVENGE. The clinical significance and causal relationship are uncertain. Most patients had multiple risk factors for these events.
Handling Precautions: PROVENGE is not tested for transmissible infectious diseases.
Concomitant Chemotherapy or Immunosuppressive Therapy: Chemotherapy or immunosuppressive agents (such as systemic corticosteroids) given concurrently with the leukapheresis procedure or PROVENGE has not been studied. Concurrent use of immune-suppressive agents may alter the efficacy and/or safety of PROVENGE.
Adverse Reactions: The most common adverse reactions reported in clinical trials (≥ 15% of patients receiving PROVENGE) were chills, fatigue, fever, back pain, nausea, joint ache, and headache.
For full Prescribing Information, please visit http://www.dendreon.com/Products.
About Dendreon
Dendreon is a healthcare company whose mission is to transform lives through the discovery, development, commercialization and manufacturing of novel personalized immune-therapeutics for cancer. Dendreon manufactures PROVENGE® (sipuleucel-T), which was approved by the U.S. Food and Drug Administration in April 2010. Dendreon is exploring the application of additional product candidates for the potential treatment of a variety of cancers. Dendreon is headquartered in Seal Beach, Calif. For more information, please visit http://www.dendreon.com.
About Sanpower Group
Established in 1993, Sanpower Group has become one of the largest private conglomerates in China. Headquartered in Nanjing, it offers a global platform for its three primary sectors: Healthcare, Retail and Financial Services. Sanpower Group has controlling stakes in more than 100 subsidiaries and has a 100,000-strong global workforce, including 40,000 based internationally. Sanpower Group currently generates over RMB 120 billion in annual revenue. For more information, please visit http://en.sanpowergroup.com.
About Sanpower Group Healthcare Sector
In recent years, Sanpower Group has determined the direction for Healthcare sector's growth, including health care, home care, genetic testing, precision medical and other fields.
In fact, Sanpower Group previously acquired AnKangTong, Natali and A.S. Nursing Company. In 2016, the group announced the acquisition of China Cord Blood Corporation and Shandong Cord Blood Bank, this means that it has emerged as the world's largest cord blood banking operator. The group also owns many medical and health institutions.
The acquisition of PROVENGE is an important step in the area of precision medical treatment for Sanpower Group. The big data from its cord blood bank provides the foundation for precise medical care. The acquisition of PROVENGE has allowed the group to expand its umbilical cord blood bank from the basics to its practical application, and has taken a strategic step in further laying out precise medical care.
The incidence of prostate cancer increases significantly in China. According to a sampling survey, the incidence of prostate cancer in China increased by 10 times within 20 years. Therefore, PROVENGE in China will have a broad market and prospects for development. "We aim to introduce one of the most advanced medical technologies and treatments to China and also other major Asian markets, and make Sanpower Group a leading Chinese enterprise in cellular immunotherapy," said Yuan Yafei, Chairman of Sanpower Group.
Contacts
For Dendreon Pharmaceuticals LLC
Leslie Bryant, +1 562-505-9290
lbryant@w2ogroup.com
Sanpower Group
Jeffrey Jing | jingtian@sanpowergroup.com
Jason Ji | jiliang@sanpowergroup.com