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August 2, 2018 11:00 AM EDTUpdated August 3, 02:05 AM
Caggiano

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. Saturday, April 5, 1890 HING. A i THE CZU TREMBLtS. Russia's Despotic Ruler Suffering From a Bevere Attack of Nervous Ferer. -r.r - Another Attempt at 'iABsassi- nation. Peter Caggiano at George Mason University (GMU) in Fairfax, Virginia has taught: CRIM 304 - Computer Crime/Forens/Auditing. 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. IC Instructional Videos; Job Opportunities; My Learning Plan; New Faculty; Online Course Information; Professional Resources; Retiree Info; Staff Directory; Staff Only; Staff Resources - Web links; Teacher Pages Login; Web Publishing Guidelines; 2015-SBC-Empire-Plan-NonGrandfathered; Spanish Audio.

With high ex­pec­ta­tions on Provenge, Den­dreon is 'sol­d' (again) in $832M deal

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.

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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%.

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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.

Caggiano

Ac­cord­ing to him, there will be no changes to struc­ture, strat­e­gy or per­son­nel at the com­pa­ny af­ter the change of own­er­ship.

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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.