Dendreon Rises on Takeover Chatter (DNDN, LLY, AMGN)

Health and Healthcare

Published: March 21, 2012 12:46 pm

Source: Author

Dendreon Corp. (NASDAQ: DNDN), maker of prostate cancer drug Provenge, is once again rumored to be a takeover target. As Streetinsider.com points out, the company’s new chairman presided over the Eli Lilly & Co. (NYSE: LLY) takeover of ImClone, which only stokes the rumor mill.

Amgen Inc. (NASDAQ: AMGN), whose bone pain drug, Xgeva, failed to get an FDA panel’s approval for use as a treatment for prostate cancer, is most often mentioned as a potential suitor for Dendreon. Dendreon’s market cap of around $1.5 billion is well within Amgen’s scope.

Dendreon’s shares are up more than 4.5% at $10.39 in a 52-week range of $6.46-$43.96.

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