reports
- 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 royaltie...
- 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 2021–23. 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...
PDL BIOPHARMA increases its risk exposure and slightly lowers to Neutr...
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 ...
- Sean Conroy
PDL BioPharma - Evofem shares distributed and Phexxi approved
PDL distributed its 26.7% Evofem stake to shareholders on 21 May 2020, just before the 22 May 2020 FDA approval for Evofem’s hormone-free contraceptive gel, Phexxi (the PDUFA date was 25 May). The timing of the distribution allowed investors the ability to decide whether or not to hold through the PDUFA and also provided a liquidity event to sell shares, if desired. Additionally, there will be a virtual shareholder meeting on July 16, 2020 at which shareholders will vote on the dissolution pla...
- Sean Conroy
PDL BioPharma - Company to seek to monetize assets
PDL BioPharma (PDL) has announced that following the completion of a strategic review process it has decided to cease additional strategic investments and monetize the company’s assets, returning net proceeds to shareholders. As the assets are not focused on any one area within healthcare, we believe they will likely need to be sold off piecemeal, which will lead to a relatively lengthy process (the company has estimated two to three years or longer). PDL’s stock has typically traded at a di...
- Sean Conroy
PDL BioPharma - Accelerating asset monetization
PDL BioPharma announced that the company is targeting either a complete sale or the monetization of its four key assets by the end of 2020, much faster than the two to three years previously communicated. To this end, the company has enlisted the help of three different advisors, namely Bank of America for the sale of the entire company or the royalty portfolio, Torreya for the sale of Noden and Evofem and SVB Leerink to investigate opportunities for LENSAR. The company will return the value to ...
- Sean Conroy
PDL BioPharma - Company to seek to monetize assets
PDL BioPharma (PDL) has announced that following the completion of a strategic review process it has decided to cease additional strategic investments and monetize the company’s assets, returning net proceeds to shareholders. As the assets are not focused on any one area within healthcare, we believe they will likely need to be sold off piecemeal, which will lead to a relatively lengthy process (the company has estimated two to three years or longer). PDL’s stock has typically traded at a di...
- Sean Conroy
PDL BioPharma - Raising guidance
PDL BioPharma reported Q319 results with revenue of $44.2m, down 35% compared to Q318 mainly due to a $31.6m change in fair value in the Assertio royalty rights in that quarter. Importantly LENSAR revenues were $8.1m, up 22% compared to the prior year, mainly due to increased sales in Asia. Following these results, the company has increased guidance for 2019 for LENSAR from a range of $27–29m to over $29m and for cash royalties from a range of $60–65m to over $65m.
- Maxim Jacobs
PDL BioPharma - Eyes focused on Evofem
In June, PDL invested the second and final tranche of $30m ($60m in total) in Evofem, a women’s health company that is preparing to submit an NDA for Amphora, a non-hormonal female contraceptive, in Q419 with approval expected in H120. PDL now owns approximately 29% of the company. Evofem recently released exploratory data from its pivotal AMPOWER trial, which indicated that unlike other contraceptives, Amphora may increase sexual satisfaction, which could give it a marketing edge upon approva...
- Maxim Jacobs
PDL BioPharma - Q119 results
PDL BioPharma reported Q119 revenues of $38.9, up 1.0% compared to Q118. Going forward, the company indicated that it would be working intensely to maximize its investment in Evofem, a women’s health company that is preparing to submit an NDA for Amphora, a non-hormonal female contraceptive, in Q419 with a launch expected in H120. The company also announced that it has bought back $80.3m worth of its shares since the beginning of the $100m stock repurchase program announced last September.
- Maxim Jacobs
PDL BioPharma - Investing in Evofem
PDL announced that it will invest a total of up to $60m in two tranches of $30m each in Evofem, a women’s health company that is preparing to submit an NDA for Amphora, a non-hormonal female contraceptive, in H219 with a launch expected in 2020. In December, Evofem announced that it achieved the primary endpoint in the 1,400-patient AMPOWER trial with a seven-cycle cumulative pregnancy probability of 14% with the upper limit of the confidence interval at 18%. The pre-specified hurdle in the tr...
- Maxim Jacobs
PDL BioPharma - Buyback significantly reduces share count
PDL BioPharma reported 2018 revenues of $198.1m, down 38.1% compared to 2017. This was due to the dwindling of Queen et al patent revenues and because 2017 results were unusually strong due to a large increase in the fair value of the Assertio royalty stream and a settlement payment from Merck. The company also announced that it has bought back $61m worth of its shares since the beginning of the $100m stock repurchase program announced last September. Earlier in March PDL announced the launch of...
- Dave Nicoski
- Ross LaDuke
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- Maxim Jacobs
PDL BioPharma - Q318 results
PDL reported Q318 revenues of $67.9m, up 8.2% compared to Q317 and up 45.8% sequentially, with that growth mainly due to an increase in the fair value of the Assertio (formerly Depomed) royalty rights. Noden Product revenue of $17.8m was up 17.9% compared to Q317 but was down 31.2% sequentially, mainly due to the bulk purchasing by distribution partner Orphan Pacific for the Japanese market launch in Q218. Importantly, PDL recently announced a $100m stock repurchase program which at current pric...
- Maxim Jacobs
PDL BioPharma - Big in Japan
PDL reported Q218 revenues of $46.6m, with Noden product revenue of $25.9m (up 45.1% compared to Q118). Almost all of that growth came from increased sales in Asia thanks to the launch in Japan by distribution partner Orphan Pacific. Noden product revenue in the US was down slightly (1%) in the quarter compared to Q118, and the future of Tekturna in the US is now in question following a settlement agreement with Anchen Pharmaceuticals, which would allow it to enter with a generic in the US after...
- Maxim Jacobs
PDL BioPharma - First quarter results
PDL’s recent Q118 results reported that revenues of $38.5m were down 15.2% compared to Q117 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. Excluding Queen et al. royalties, revenues were up 14.2%. Also, while the revenues associated with the Tekturna assets sold by Noden continue to be weak, LENSAR is now EBITDA positive. PDL has also repurchased ap...
- 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.
Richard L. Lindstrom, M.D. Joins LENSAR, Inc. Board of Directors
ORLANDO, Fla.--(BUSINESS WIRE)-- LENSAR, Inc., an emerging leader in next generation femtosecond laser technology for refractive cataract surgery, today is pleased to announce world renowned ophthalmologist Richard L. Lindstrom, M.D. has joined the company’s board of directors effective immediately. "For nearly 40 years, Dr. Lindstrom has been a driving force in ophthalmology as a premier clinician, innovator, and strategic thought-leader dedicated to advancing the science and technologies of vision," said Nicholas Curtis, CE...
LENSAR® Receives FDA Clearances for Laser Cataract Platform Integrati...
ORLANDO, Fla.--(BUSINESS WIRE)-- LENSAR, Inc., a global leader in next generation femtosecond laser technology for refractive cataract surgery, today announced it received 510(k) clearance for integration of the popular OCULUS Pentacam® (both Pentacam® HR and Pentacam ®AXL) and ALADDIN topographer from Topcon to the LENSAR® Laser System with Streamline™ III. These latest approvals advance the advantages of the LENSAR Laser System’s industry exclusive open architecture, expanding the femtosecond refractive cataract platform’s appeal to...
- Maxim Jacobs
Building the Noden platform
PDL BioPharma is increasingly focused on building Noden Pharma (of which it currently owns 98%) into a lucrative specialty pharmaceutical platform. Currently Noden sells Tekturna, a hypertension drug acquired from Novartis, which had sales of $156m in 2015. It is actively searching for additional products to sell through Noden and is prioritizing these investments over additional royalty and note deals (although current investments in these areas should continue to provide cash flow). We value P...
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