Edison Investment Research - PDL BioPharma Inc. (PDLI) PDL BioPharma - Selling off Noden

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Edison Investment Research

Sean Conroy

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.

25/08/2020 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

PDL BioPharma - Dissolution set for the year end

PDL BIOPHARMA increases its risk exposure and slightly lowers to Neutral

Datatec - FY24 underlying EPS more than doubles y-o-y

Pan American Silver - La Arena divestment

SenSen Networks - Time to scale

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