SAN FRANCISCO, Jan. 10, 2017 /PRNewswire/ -- Sanpower Group, one of the largest privately owned conglomerates in China, reached an agreement with Valeant, a world's leading pharmaceutical company, to acquire a 100% stake in its US biopharmaceutical company Dendreon for $819.9 million.
Dendreon's first and only commercialized product is Provenge, an autologous cellular immunotherapy for prostate cancer treatment approved by the FDA in April 2010.
With this sale, Valeant will exit oncology, one of its non-core therapeutic areas, in order to focus on its core businesses.
After the completion of the acquisition, Sanpower Group plans to accelerate Provenge sales penetration in the United States and also align its own resources to introduce Provenge to China and other major markets in Asia.
About Sanpower Group
Established in 1993, Sanpower Group has become one of the largest, privately-owned conglomerates in China. Headquartered in Nanjing, it offers a global platform for its five primary sectors: Healthcare, Information Services, Commerce, Financial Services, and Real Estate. Sanpower Group has controlling stakes in more than 100 subsidiaries and has a 100,000-strong global workforce, including 40,000 based internationally. Sanpower Group currently generates RMB 100 billion in annual revenue.
About Sanpower Group Healthcare Sector
In recent years, Sanpower Group has determined the direction for Healthcare sector's growth, including health care, home care, genetic testing, precision medical and other fields.
In fact, Sanpower Group previously acquired AnKangTong, Natali, and A.S. Nursing Company. In 2016, the group announced the acquisition of China Cord Blood Corporation and Shandong Cord Blood Bank, this means that it has emerged as the world's largest cord blood banking operator. The group also owns many medical and health institutions.
The acquisition of Provenge is an important step in the area of precision medical treatment for Sanpower Group. The big data from its cord blood bank provides the foundation for precise medical care. The acquisition of Provenge has allowed the group to expand its umbilical cord blood bank from the basics to its practical application, and has taken a strategic step in further laying out precise medical care.
The incidence of prostate cancer was significantly increased in China. According to sampling survey, the incidence of prostate cancer in China increased by 10 times within 20 years. Therefore, Provenge in China will have broad market and prospects for development. "We aim to introduce one of the most advanced medical technologies and treatments to China and also other major Asian markets, and make Sanpower Group a China's leading enterprise in cellular immunotherapy," said Yuan Yafei, Chairman of Sanpower Group.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.
This press release may contain forward-looking statements, including plans to, aim to. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward looking statements speak only as of the date hereof. Sanpower Group undertakes no obligation to update any of these forward- looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, unless required by law.
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SOURCE Sanpower Group