At a hearing held today, the Bankruptcy Court formally approved Valeant's role as a stalking horse bidder. As the "stalking horse bidder," Valeant is entitled to a break-up fee and expense reimbursement if it ultimately does not prevail as the successful bidder at a subsequent auction for Dendreon's assets. Completion of the transaction remains subject to higher or better offers at such auction, Bankruptcy Court approval, and customary closing conditions. As previously announced, the bid deadline for interested parties to submit qualified bids to participate in an auction for Dendreon's assets is scheduled for February 10, 2015 at 5:00 p.m. Eastern Time. Assuming additional qualified bids are submitted, an auction would be held on February 12, 2015.