Sanpower Group, a Chinese private conglomerate, said it had completed its 100 percent acquisition of Dendreon Pharmaceuticals from US-based Valeant Pharmaceuticals International, for a total of $819.9 million in cash. Dendreon’s core product, Provenge, is the only US FDA-approved cellular immunotherapy treatment for prostate cancer.
It is the first time a Chinese company has acquired an example of US-made biotechnology.
Provenge has been used to treat more than 20,000 patients since its entry to the US market in 2010.
Sanpower Group said in a statement it intends to maintain the continuity of Dendreon’s US research team, and continue company growth. It said it plans to promote Provenge outside the US, starting with China and Southeast Asia.