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Dendreon Announces Pricing of $540 Million Convertible Senior Notes Due 2016
Date:1/14/2011

SEATTLE, Jan. 14, 2011 /PRNewswire/ -- Dendreon Corporation (Nasdaq: DNDN) today announced the pricing of a public offering of $540 million aggregate principal amount of 2.875% convertible senior notes due January 15, 2016 (the "Notes") in an offering registered under the Securities Act of 1933, as amended (the "Securities Act"), which was upsized from its previously announced $500 million offering.  The Notes will be convertible into cash, shares of Dendreon's common stock (the "Common Stock") or a combination of cash and shares of Common Stock, at Dendreon's election. Dendreon also granted the underwriter of the offering of the Notes an option to purchase up to an additional $80 million aggregate principal amount of Notes solely to cover overallotments.  The Notes will be the unsecured, senior obligations of Dendreon and will bear interest at a rate of 2.875% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2011.  The offering is expected to close on January 20, 2011, subject to customary closing conditions.

The conversion rate will initially equal 19.5160 shares of Common Stock per $1,000 principal amount of Notes, which corresponds to an initial conversion price of approximately $51.24 per share of Common Stock, representing a conversion premium of 40.00% over $36.60, which was the closing price per share of the Common Stock on January 13, 2011.  The conversion rate is subject to adjustment upon the occurrence of certain events.  

Dendreon estimates that its net proceeds from the offering of the Notes will be approximately $529.2 million (or approximately $607.6 million if the underwriter exercises its overallotment option in full) after deducting underwriting fees and without deducting estimated offering expenses that are payable by Dendreon.  Dendreon intends to use the
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SOURCE Dendreon Corporation
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