Ic Caggiano

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August 2, 2018 11:00 AM EDTUpdated August 3, 02:05 AMWith high ex­pec­ta­tions on Provenge, Den­dreon is ’sol­d’ (again) in $832M deal
Vidant Health is a mission-driven, 1,447-bed health system serving more than 1.4 million people in 29 eastern North Carolina counties. The not-for-profit system is made up of 12,000 employees, eight hospitals, home health, hospice, wellness centers and Vidant Medical Group, a. Michele Caggana joined the Wadsworth Center in 1996 after receiving her doctoral degree from the Harvard School of Public Health and completing post-doctoral work in molecular virology at Wadsworth Center and clinical molecular genetics at the Mt. Jerome Parish, Norwalk: Sunday Mass on Facebook Live every Sunday at 11 am. Monday-Friday 9 am Daily Mass on Facebook Live also. For past live-streamed Masses please go to Facebook Videos For those not on social media, please go to the St. Jerome Norwalk YouTube Channel after 11 am Sunday.: St. Ladislaus Parish, Norwalk.
Den­dreon — and its fad­ed can­cer star Provenge — is chang­ing hands for the sec­ond time in less than two years.
Their new own­er is Nan­jing Xin­bai, a de­part­ment store con­glom­er­ate that’s been beef­ing up its phar­ma­ceu­ti­cal busi­ness, which first pro­posed to snap up the prostate can­cer cell ther­a­py last No­vem­ber.
The deal is val­ued at $872 mil­lion (CNY 59,680,000,000), though no cash is in­volved. San­pow­er Group, which cur­rent­ly owns Den­dreon through a Hong Kong-based sub­sidiary called Shid­ing Sheng­wu Biotech­nol­o­gy, is al­so a con­trol­ling stock­hold­er of Xin­bai. Mov­ing Den­dreon in­to pub­licly trad­ed Xin­bai “has been San­pow­er’s long-term plan since ac­quir­ing Den­dreon in 2017,” Den­dreon CEO Jim Caggiano wrote via email.
In ex­change for pass­ing off Shid­ing, San­pow­er’s get­ting 180 mil­lion more of Xin­bai’s shares, boost­ing its hold­ing from 33.1% to 42.43%.
These are ex­pen­sive shares. San­pow­er is ef­fec­tive­ly bet­ting $511 mil­lion on Den­dreon’s fu­ture earn­ing po­ten­tial by pay­ing a 60% pre­mi­um over Xin­bai’s cur­rent stock price. And that’s af­ter pay­ing $820 mil­lion in cash to nab the com­pa­ny from Valeant in the first place.
“San­pow­er sac­ri­ficed CNY3.5 bil­lion of its own in­ter­est to in­fuse Den­dreon in­to Nan­jing Xin­bai as promised,” Guikan Hua, San­pow­er vice pres­i­dent and spokesper­son, toldThe Pa­per, “show­ing the stock­er­hold­ers’ full sup­port and op­ti­mism to­ward Nan­jing Xin­bai.”
That lev­el of con­fi­dence would fit with the im­pres­sion I got from Caggiano, who told me late last year — be­fore Xin­bai would an­nounce its in­ten­tions to buy the com­pa­ny — that San­pow­er “has proven to be a great part­ner” who’s very hands off in the US while lead­ing the charge to bring Provenge to Hong Kong and main­land Chi­na.Ic Caggiano Sa
Ac­cord­ing to him, there will be no changes to struc­ture, strat­e­gy or per­son­nel at the com­pa­ny af­ter the change of own­er­ship.Ic Caggiano.gov
Cur­rent­ly ap­proved in the US, Provenge is an au­tol­o­gous cell ther­a­py that re­quires a quick turn­around in the man­u­fac­tur­ing process. With help from San­pow­er, Seal Beach, CA-based Den­dreon has pur­chased an im­munother­a­py man­u­fac­tur­ing fa­cil­i­ty in Hong Kong with goals of fil­ing an NDA in the re­gion soon.
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