Dendreon Corporation has sold its immunotherapy manufacturing facility (IMF) in Morris Plains, New Jersey, US, to Novartis Pharmaceuticals for $43m.
In early 2012, Dendreon had decided to bring down Provenge production at the facility as part of its strategic restructuring plan to increase profitability and future growth.
Dendreon chairman, president and chief executive officer John Johnson said the agreement is a positive outcome for the company, shareholders and New Jersey.
"We are also pleased that approximately 100 of the existing employees at the facility will have the opportunity to retain their jobs and work for Novartis as the company builds out its immunotherapy operations and develops new treatments for patients," Johnson added.
The 173,100ft2 IMF manufactures Provenge (sipuleucel-T), the first autologous cellular immunotherapy to receive US FDA approval to treat asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer.
Dendreon corporate development executive vice president Christine Mikail said, ''We are pleased that Novartis has selected our facility to advance and accelerate their work in this exciting and emerging field."
