June 29, Sanpower Group completes its 100% acquisition of Dendreon, the US pharmaceutical company. Provenge is the core product of Dendreon. According to Sanpower group, this acquisition represents the first time a Chinese enterprise has ever acquired an American-made, innovative biotechnology.

Sanpower Group came to an agreement with Valeant Pharmaceutical International, Inc. from Canada this January in San Francisco, planning to acquire 100% equity of Dendreon, whose headquarter is located in California, for $819.9 million in cash.

 

According to Ms. YANG Huaizhen, Vice President of Sanpower Group, through this transaction, Sanpower Group has acquired the global intellectual property rights of the cellular immunotherapy medicine Provenge. There is no cellular treatment drug launched in the Chinese market at present. After this acquisition, Sanpower Group expects to facilitate Provenge to enter markets in China and SE Asia countries.

 

“In regard to cellular immunotherapy research and development, we believe our capability can compete against our counterparts in the western developed countries. However, we are still away from their strength in terms of industrialization, clinical application study and industry supervision. Cellular immunotherapy is one of the few good opportunities that China is potential to outrun other countries in biomedicine industry.”said Vice Chairman Zhang Shuren from Tumor Biotherapy Committee of Chinese Anti-Cancer Association.

Dendreon Pharmaceutical Corporation was founded in 1992. Provenge, the medicine from this company, was officially approved by FDA in April 2010 for the treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC). This is the first FDA-approved autologous cellular immunotherapy, and also the only cellular immunotherapy for prostate cancer.

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