(Reuters) - Valeant Pharmaceuticals International Inc said on Thursday it has raised its bid for worldwide rights to a prostate cancer vaccine owned by bankrupt drugmaker Dendreon Corp.
Laval, Quebec-based Valeant said that in response to competing bids, it has hiked its bid to $400 million in cash from $296 million for the drug, called Provenge, and certain other assets.
Seattle-based Dendreon filed for bankruptcy protection in November after sales of Provenge fell short of expectations and left the company deep in debt.
Valeant said a bankruptcy court has approved its status as a stalking horse bidder, which entitles it to a break-up fee and expense reimbursement if its bid does not succeed at auction.
The bid deadline to participate in an auction is Feb. 10, with a possible auction to be held on Feb. 12.
Valeant shares were down 1 percent in Toronto and traded slightly lower in New York, on Thursday morning.
Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway