Nanjing Sanpower, a major China conglomerate, has “sold” its Dendreon pharmaceutical subsidiary by transferring Dendreon to another of Sanpower’s holdings, the China retail company Cenbest, in exchange for $868 million of stock. One year ago, Sanpower paid $820 million to acquire Dendreon and its autologous immuno-therapy for prostate cancer. Sanpower explains that Dendreon, as part of Cenbest, will find it easier to raise the money it needs to expand, probably into CAR-T or some other cell therapy. Before the transaction, Sanpower owned 33% of Cenbest. Now it owns 42%.
Source: China Biotoday
