PDL BioPharma Announces Sale of Kybella®, Zalviso® and Coflex® Royalties to SWK Holdings Corporation
"The sale of these Royalties to SWK represents another step in the execution of our monetization strategy," commented PDL's President and CEO
In addition to the cash proceeds from the sale to SWK, PDL believes that this transaction may qualify for Federal tax benefits under the CARES Act. In connection with its monetization process, PDL expects to execute transactions in 2020 that may result in the recognition of ordinary tax losses that, under the CARES Act, could be applied to prior tax years in which PDL was a substantial tax payor. At this time, however, there can be no assurance that such tax benefits will be realized.
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.
For more information please visit https://www.pdl.com/
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, including as it relates to the Company's proposed plan of complete liquidation, proposed dissolution or transactions thereunder. 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, including the implementation or success of the Company's monetization strategy/plan of complete liquidation and proposed dissolution, are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the
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Jody Cain, LHA Investor Relations, 310-691-7100, email@example.com