Dendreon Announces Sale of New Jersey Plant to Novartis for $43M in Cash
Dendreon Corporation (NASDAQ: DNDN) today announced the sale of its immunotherapy manufacturing facility (IMF) based in Morris Plains, New Jersey, to Novartis Pharmaceuticals Corporation (NYSE: NVS) for $43 million in cash.
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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.