Sanpower Group, a China conglomerate, paid $820 million to acquire Dendreon, which makes Provenge, the world's first immunotherapy, from Valeant Pharma (NYSE/TSX: VRX) (see story). Approved as a treatment for prostate cancer in 2010, Dendreon never lived up to expectations because it combined high cost, limited insurance approvals and mediocre improvement over competitors. Its annual revenues are around $320 million. Based in Nanjing, Sanpower is involved in several industries, including healthcare delivery, though it hasn't previously produced pharmaceuticals. According to Sanpower, it has controlling interests in over 100 companies.
