PDL BioPharma's Proposal to Acquire Neos Therapeutics Expires Today; PDL Urges Neos to Provide Update on Sale Process
PDL is confident its proposal represents fair value for the Company and offers certain and compelling value for Neos shareholders. It has therefore decided it will not extend the deadline for, or otherwise alter, its proposal.
In reaching the decision to not extend the deadline,
PDL expects that on its third quarter financial results conference call, Neos management will address the following:
- How many proposals has Neos received?
- What is the timeline for the sale process?
- What does management believe is fair value for the company?
Will Neoscontinue its practice of dilutive capital raises as an alternative to a premium cash proposal for all shares?
PDL seeks to provide a significant return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotech, pharmaceutical and medical device industries. In 2012, PDL began providing alternative sources of capital through royalty monetizations and debt facilities, and in 2016, began acquiring commercial-stage products and launching specialized companies dedicated to the commercialization of these products. To date, PDL has consummated 17 such transactions, of which 9 are active and outstanding. PDL has one debt transaction outstanding, representing deployed and committed capital of
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 or 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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