Edison Investment Research - PDL BioPharma Inc. (PDLI) PDL BioPharma - A strong year

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Edison Investment Research

Maxim Jacobs

PDL BioPharma - A strong year

PDL recently reported results for 2017. Revenue grew by 31% compared to 2016 to $320.1m as the company transitioned away from royalties related to the Queen et al. patents to product revenue related to its Noden and Lensar subsidiaries as well as royalties from the Depomed assets. The company also recently announced that it was abandoning the Neos buyout bid as the two parties could not agree on terms. We expect PDL to continue to pursue additional commercial assets for its portfolio.

21/03/2018 5 EN

Underlying

PDL BioPharma Inc.

PDL BioPharma is engaged in acquiring commercial stage pharmaceutical assets as well as late clinical stage pharmaceutical products. The company operates in three segments: Pharmaceutical, which consists of prescription medicine products sold under the name Tekturna?, Tekturna HCT?, Rasilez?, and Rasilez HCT?; Medical Devices, which consists of the LENSAR? Laser System; and Income Generating Assets, which consists of notes and other long-term receivables, royalty rights and hybrid notes/royalty receivables, equity investments and royalties from issued patents in the United States and elsewhere, covering the humanization of antibodies, which it refers to as the Queen et al. patents.

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US69329Y1047 United States

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Maxim Jacobs

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PDL BioPharma - Dissolution set for the year end

PDL has made significant progress with its stated objective of monetizing and liquidating the company. Most recently, in October, LENSAR was spun off to PDL shareholders and the previously announced sale of Noden was completed in September. Also, the Kybella, Zalviso and Coflex royalties were sold to SWK Holdings for $4.35m and a settlement agreement was reached with Wellstat in August. The main assets remaining to be disposed of are the Assertio royalties and the University of Michigan royalties on Cerdelga.

November 17, 2020 November 17, 2020 5 EN

Edison Investment Research

PDL BioPharma - Selling off Noden

PDL BioPharma recently announced an agreement to divest its Noden subsidiary to Stanley Capital for up to $48.25m in cash. $12m is due at deal closure (currently expected in mid-August), with an additional $33m to be paid in quarterly instalments from 2021â€“23. There could potentially be two contingent payments of $3.25m in total. PDL has also announced that its LENSAR subsidiary has confidentially filed with the Securities and Exchange Commission (SEC) for a potential spin-off, which may occur as early as late September, although it is still seeking a strategic transaction.

August 25, 2020 August 25, 2020 5 EN

TheScreener

PDL BIOPHARMA increases its risk exposure and slightly lowers to Neutral

PDL BIOPHARMA (US), a company active in the Biotechnology industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date August 21, 2020, the closing price was USD 3.40 and its expected value was estimated at USD 3.21.

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August 22, 2020 August 22, 2020 6 EN

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PDL BioPharma - A strong year

PDL BioPharma - Dissolution set for the year end

PDL BioPharma - Selling off Noden

PDL BIOPHARMA increases its risk exposure and slightly lowers to Neutral

Pan African Resources - Upgraded FY24 production guidance

Alkane Resources - Kaiser takes on the World

Alpha Bank - Q1 beat, buy-back proposal

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