Edison Investment Research - PDL BioPharma Inc. (PDLI) PDL BioPharma - Dissolution set for the year end

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Edison Investment Research

Sean Conroy

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.

17/11/2020 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

Sean Conroy

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PDL BioPharma - Selling off Noden

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PDL BioPharma - Dissolution set for the year end

PDL BioPharma - Selling off Noden

PDL BIOPHARMA increases its risk exposure and slightly lowers to Neutral

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

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