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Dendreon to Restructure

Will cut 820 employees

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Dendreon Corp. has plans to restructure in an effort to reduce costs after posting weak 3Q13 sales of its prostate cancer vaccine, Provenge. Revenues fell 13% to $68 million in the quarter and net loss narrowed to $67.2 million from $154.9 million in 3Q12. Limited manufacturing capacity and uncertainty over reimbursements have impacted Provenge sales, in addition to the high cost of the vaccine, which is tailor-made for each patient, and the emergence of newer drugs. The company’s restructuring...

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