Dendreon (DNDN) Enters Agreement With Henderson Corp of PA
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Last week, on June 16th, Dendreon Corporation (Nasdaq: DNDN) entered into a Construction Agreement between The Henderson Corporation of PA, Inc. and Dendreon to retain Henderson to perform construction related services and to arrange for, monitor, supervise, administer and contract for the construction of Phase II and Phase III of Dendreon’s therapeutic biotechnology processing facility in Morris Plains, New Jersey.
Phase II, which consists of additional quality control laboratories, data center, training areas, infrastructure and offices, is to be substantially complete by December 18, 2009. Phase III, which consists of additional manufacturing clean room work stations, production support areas, warehouse, infrastructure and offices, is to be substantially complete by April 23, 2010. There are incentives included in the Agreement for the completion of work prior to such dates and penalties for failing to meet such deadlines. The guaranteed maximum price for the completion of all work under the Agreement is approximately $50.5 million.
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