Dendreon wins 110-day exclusivity extension to continue plan talks

By Kali Hays

New York, April 10 – Dendreon Corp. received a 3˝-month extension of its exclusive Chapter 11 plan filing and solicitation periods under a Friday order from the U.S. Bankruptcy Court for the District of Delaware.

The company’s plan filing period was extended through June 29 from March 10 and its solicitation period through Aug. 27 from May 9.

As previously reported, Dendreon said that since the outset of its bankruptcy case, it has made “significant and material progress” and the requested extension will allow it the “opportunity to fully negotiate, confirm and implement the terms of a Chapter 11 plan,” according to the motion.

This progress includes the company’s $495 million sale of substantially all assets to Valeant Pharmaceuticals International, Inc., which closed on Feb. 23 but took “considerable time and resources” of Dendreon and its advisers.

Dendreon, a Seattle-based biotechnology company that focuses on novel therapeutics to enhance cancer treatment options, filed for bankruptcy on Nov. 10. The Chapter 11 case number is 14-12515.

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