PDL BioPharma Announces New $100 Million Stock Repurchase Program
"We believe this program is an appropriate means to create shareholder value given the current discrepancy between our share price and our book value," said
The timing of purchases and the number of shares repurchased under the new program by PDL will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. Repurchases may also be made under a trading plan under Rule 10b5-1, which would permit shares to be repurchased when PDL might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The repurchase program may be suspended or discontinued at any time without notice.
We seek to provide a significant return for our stockholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. In 2012, we began providing alternative sources of capital through royalty monetizations and debt facilities, and in 2016, we began acquiring commercial-stage products and launching specialized companies dedicated to the commercialization of these products. To date, we have consummated seventeen of such transactions, of which nine are active and outstanding. We have one debt transaction outstanding, representing deployed of
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PDL BioPharma, Inc., Peter Garcia, CFO, 775-832-8500, Peter.firstname.lastname@example.org; LHA Investor Relations, Jody Cain, SVP, 310-691-7100, email@example.com