Dallas, Texas 04/08/2014 (FINANCIALSTRENDS) – PDL BioPharma Inc. (NASDAQ:PDLI) will now offer financial input to Kaleo Inc, which owns Aceel, one of the Kaleo-owned subsidiaries through which the financial support offer to the tune of $150 million will routed. PDL will hold collateral in the form of Notes which are due 2029.
KaleoInc, already owns and sells popular brand called Auvi-Q and incidentally the royalties of this drug will be surety for the Notes or financial instrument the company is offering PDLI to move forward. Besides, KaleoInc will also put on stake one other popular drug it offers – Evzio. The company will offer over 10 percent of the net sales of this auto-injector drug, a product over which it holds secondary proprietary rights
PDL BioPharmaInc(NASDAQ:PDLI) Chief Executive Officer John McLaughlin explains that Kaleo business model has been very attractive as it has always developed products based on patients and is therefore a strategy which PDLI finds great interest.
PDL BioPharmaInc (NASDAQ:PDLI) has been working on this line of products for some time now and has over $700 million invested in assets which are expected to bring in profits in the near future.
Speaking for Kaleo, its President and CEO, Spencer Williamson said with the expected launch of EVZIO, as well as the pipeline programs of the near future, the company will see quick movement.
Bio-technology company with rich patent pool
PDL BioPharmaInc(NASDAQ:PDLI) has from the initial stages of its formation been engaged in building a rich patent pool across the themes it operates.
PDLIs key workscope is management of antibody humanization patents and a wide range of royalty assets. The patent and license agreements include Queen and a range of similar patents and agreements with other companies.
PDL BioPharma has been receiving royalties which are based on humanized antibody products it markets.