Update: Improving financial flexibility
As the Queen royalty streams approach expiry, PDL has taken steps to preserve its cash flow by announcing a dividend cut for Q1 to $0.05 per share (from $0.15 per share), which would save the company more than $65m on an annualized basis. This allows PDL BioPharma to meet its financial obligations and gives it greater financial flexibility to make either more deals, larger deals or both, as current market conditions are favorable to alternative financing.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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