Bankrupt cancer vaccine maker Dendreon Corp. will move ahead with a court-supervised auction of the company without a stalking-horse bidder, Reuters reported yesterday. Dendreon filed for chapter 11 protection in November after its vaccine fell short of expectations, leaving the company unable to service debt taken on to ramp up manufacturing of its key drug, Provenge. The company had said that it planned to identify a stalking-horse bidder by yesterday and hold an auction on Feb. 3 for bidders who qualify by the end of January. Multiple potential bidders were interested in Dendreon, but the company's advisers decided they did not want to tie up millions of dollars in a break-up fee, said Ken Ziman, an attorney for Skadden, Arps, Slate, Meagher & Flom who represents Dendreon.
