Dallas, Texas 01/31/2014 (FINANCIALSTRENDS) – Investors in the stock of PDL BioPharma Inc. (NASDAQ: PDLI) were in for a major bonanza, when the bio tech firm announced on 30th January that its board of directors had decided to award quarterly dividends of $0.15 per share for the current quarter . This brings the total dividend payout for the year 2013 to $0.60. The firm also disclosed that the board of directors have decided to continue the operations of PDL BioPharma, Inc. (NASDAQ: PDLI) into the new fiscal, thanks to the huge success of their current strategy to acquire new income generating assets. Earlier it was being speculated that the directors might decide to pull the plug on the operations after the expiration of its current Queen et al. patents.
Making the decision of its strategic review committee public, PDL BioPharma, Inc. (NASDAQ: PDLI) president and chief executive officer John P. McLaughlin has been quoted to have said that, “We actively began a strategy a few years ago to acquire income generating assets in the form of additional royalty streams and interest income on loans to other companies. Based upon our ability to execute on this strategy we are very pleased that the board of directors has determined that it is in the best interest of our shareholders for PDL to continue to pursue this strategy. We are also pleased to announce that, for the sixth consecutive year, we will pay significant dividends to our shareholders.”
Yesterday’s announcement comes on the back of PDL BioPharma, Inc. (NASDAQ: PDLI) previously expressed decision i mid 2013 to review its operation goals for the next few years, keeping in mind the fact that its primary revenue generating patents of Queen would expire in early 2014. The decision to continue operations has been taken after considering the revenue generation abilities of the newly bought out assets by shelling out close to $550 million in the past couple of quarters.