Case Study: Dendreon Corporation achieves seamless Chapter 11 restructuring with Stretto

Dendreon Corporation - Customer Case Study

Dendreon Corporation, a biopharmaceutical company, faced severe financial challenges stemming from the high cost and low demand for its sole product, the cancer drug Provenge. Unable to meet market expectations and overcome its financial obstacles, the company was left with no option but to file for Chapter 11 bankruptcy. For this restructuring, Dendreon engaged the vendor Stretto to provide depository services.

Stretto implemented a solution by leveraging its network to identify a financial institution to handle the cash management of the company's $450 million deposit without any fees. They assigned a dedicated, experienced consultant to oversee day-to-day account management, allowing Dendreon to retain control during the process. As a result of Stretto's services, the company successfully emerged from Chapter 11 and was subsequently sold for $495 million, a deal that later yielded a significant return when the asset was resold for $820 million.

Dendreon Corporation