(Reuters) – Drug maker Dendreon Corp is looking for a suitor after sales for its lead product, prostate cancer drug Provenge, were weaker than expected, according to a Bloomberg report.
The Seattle-based company is working with JPMorgan Chase & Co to help it find a buyer, Bloomberg said, citing people familiar with the matter.
Dendreon’s troubles began in 2011 after the company withdrew its sales forecast for the drug. Questions have also emerged about the veracity of the clinical trials that led to Provenge’s approval.
The company had said over the years that physician uncertainty about reimbursement and the need for added manufacturing capacity have contributed to slow sales for the drug.
Since Provenge’s 2010 approval, easier-to-use and more effective prostate cancer treatments have also entered the market.
(Reporting by Olivia Oran; Editing by Tim Dobbyn)
- Pharmaceuticals & Drug Trials