PDL BioPharma Inc (NASDAQ:PDLI) Stockholders’ Annual Meeting On June 9


PDL BioPharma Inc (NASDAQ:PDLI) reported that the firm will hold its stockholders’ annual meeting on June 9, 2017. This meeting is applicable only for stockholders as of record on April 17. The company intends to offer a considerable return for its shareholders by buying and managing a portfolio of firms, products, debt facilities and royalty agreements in the pharmaceutical, medical device and biotech industries.

In 2012, the company started offering alternative sources of funds through debt facilities and royalty monetization in 2016, started making equity investments in profitable stage firms. It has committed more than $1.4 billion and funded almost $1.1 billion in these equity investments to date.

The updates

Earlier in March, PDL BioPharma issued financial report for the fourth quarter closed December 2016. Total revenues for the quarter dropped 63% to $66.5 million over the same quarter in 2015. It included royalties from company’s licensees to the Queen et al. exclusive patents, which comprised of royalties recorded on sales of Tysabri®. Fourth Quarter revenue constituted net royalty payments from bought royalty rights and interest revenue from financings of $5.5 million.

It further included product revenues from sales of Tekturna HCT® and Tekturna® in the U.S. and Rasilez HCT® and Rasilez® in the rest of the world. John P. McLaughlin, the CEO and President of PDL BioPharma, reported that 2016 was a remarkable year for company; one in which they received benefit of opportunities in the specialty pharmaceutical industry as another source to enhance shareholder value.

As they look to 2017, they will focus their initiatives on Noden product commercialization, together with acquiring additional specialty pharmaceutical assets, to enhance value creation for company and its shareholders. The drop in royalties from PDL’s licensees came on heels of the expiration of the license deal with Genentech, Inc. PDL recorded net cash royalty and payments of $25.3 million from its royalty rights in Q4 2016, versus $34.4 million for the comparable period of 2015.