Dendreon Ends Provenge Agreement With GlaxoSmithKline
SEATTLE, Sept. 6, 2011 - Dendreon Corporation said in an SEC filing today it is ending its Provenge agreement with GlaxoSmithKline that was entered into September last year due to " unforeseen delays and implementation difficulties in achieving the commercial purpose of the Agreement." An excerpt of the filing is below.
Termination of a Material Definitive Agreement.
On September 1, 2011, Dendreon Corporation (the “Company”) provided written notice to GlaxoSmithKline LLC (“GSK”) that the Company is terminating the Development and Supply Agreement (the “Agreement”) upon sixty (60) days written notice, as required by the Agreement. Accordingly, termination of the Agreement will be effective October 31, 2011. The Agreement was previously entered into between GSK and the Company effective September 15, 2010 for the commercial production and supply of the antigen used in the manufacture of the Company’s FDA-approved product Provenge® (sipuleucel-T). Termination of the Agreement was due to unforeseen delays and implementation difficulties in achieving the commercial purpose of the Agreement. The Company may continue to pay GSK a fee of $2 million per month for each of September and October, 2011. As the manufacturing phase had not yet commenced, and as no production runs or product batches had been initiated as of September 1, 2011, all previously issued product orders were cancelled .
Posted: September 2011