PDL BioPharma Announces Completion of Strategic Review Process
The process will be led by PDL's management team and overseen by a newly formed committee of its Board of Directors. PDL will explore a variety of potential transactions, including a sale of the Company, divestiture of its assets or businesses, a spin-off transaction, a merger or a combination thereof. Net proceeds obtained from any such transaction will ultimately be distributed to PDL's shareholders in the form of share repurchases, dividends or other means to be determined. The process will be conducted in a disciplined and cost-effective manner that seeks to maximize returns to shareholders. The Company has not yet established a definitive timeframe for completing this process. BofA Securities and MTS Health Partners, L.P. acted as financial advisors to the Company in connection with its strategic review.
As it implements the plan described above, PDL will continue to support the continued growth of LENSAR and the development of its second-generation technology. PDL believes Evofem is well-positioned for continued success and is confident in the value of its investment in that company.
The Company noted that there can be no assurance that one or more transactions will result from this process. PDL does not intend to comment further on the process unless and until it determines that it is necessary or appropriate to do so.
PDL Board of Directors Authorizes Common Stock and Convertible Note Repurchase Program
In conjunction with today's announcement, PDL's Board has authorized the repurchase of issued and outstanding shares of the Company's common stock and convertible notes up to an aggregate value of
Conference Call and Webcast
PDL will hold a conference call at
To access the live conference call via phone, please dial 800-608-8202 from the U.S. and
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of www.pdl.com and select "Events & Presentations."
Throughout its history, PDL's mission has been to improve the lives of patients by aiding in the successful development of innovative therapeutics and healthcare technologies. PDL BioPharma was founded in 1986 as
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's assets and business are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K, filed with the
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Investors, Okapi Partners, Mark Harnett, 212-297-0720; Media, Reevemark, Renée Soto / Hugh Burns / Nicholas Leasure, 212-433-4600