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BUSINESS & TECH

Sanpower to Buy U.S. Cancer-Drug Maker for $820 million

By Song Shiqing

(Beijing) — Sanpower Group Co. Ltd. has agreed to buy a U.S. maker of cancer vaccines for $820 million, marking the conglomerate’s largest move to date into the global industry for precision medicines.

The purchase is one of the largest-ever of an overseas drugmaker by a Chinese company. It will see Sanpower buy Dendreon, the U.S.-based cancer business of Canada’s Valeant Pharmaceuticals International Inc., Sanpower said in a statement on Tuesday.

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