Update: An update on several fronts
In its Q315 earnings release, PDL announced that Valeant may not have met some of the contractual obligations of its Depomed royalty agreement and PDL is now expecting to begin a royalty audit process by the end of the year. In addition, due to the recall of the Auvi-Q allergy injector on 28 October, there is a question about the Kaleo note, as a long absence from the market could lead to constraints in cash flow from that company. We do not believe any of these issues is major and at this stage are not making any significant changes to our forecasts. More recently, PDL announced that LENSAR, a company that had been put up for sale, was sold, reviving that investment, which had been impaired.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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