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INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire via COMTEX/ —
INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire/ — PDL BioPharma, Inc. (“PDL” or the “Company”) (Nasdaq: PDLI) announces the closing of the sale of its wholly owned subsidiaries Noden Pharma DAC and Noden Pharma USA (collectively “Noden”) to Stanley Capital. The total value of the transaction will result in payments to PDL of up to $52.83 million in cash, $4.58 million greater than previously announced.
“After running an extensive process, we are excited about closing this transaction with Stanley Capital,” commented PDL’s President and CEO Dominique Monnet. “It represents the completion of a key divestiture for PDL and an exciting opportunity for the Noden team.”
Payments to PDL, in connection with the closing of the transaction, are $12.72 million. The agreement provides for an additional $33 million