INCLINE VILLAGE, Nev.,
Aug. 29, 2016 /PRNewswire/
-- PDL BioPharma, Inc. (NASDAQ: PDLI) (PDL or the Company)
today announced that PDL has received approximately $57.4 million in connection with the termination
of PDL's credit agreement with Paradigm Spine, LLC, which included
a repayment of the full principal amount outstanding of
$54.7 million as well as accrued
interest and a prepayment fee. In February 2014, PDL entered into a credit
agreement with Paradigm Spine in which it made available up to
$75.0 million of debt financing with
a five-year term, and initially provided $50.0 million, net of fees. PDL subsequently
provided an additional $4.0 million
in October 2015 as part of an
amendment to the credit agreement.
"We are pleased with the successful conclusion of our debt
financing to Paradigm Spine and the return on investment it has
generated for PDL. This marks the fifth matured investment of the
17 income generating asset transactions we have entered into since
we began these efforts in mid-2012," stated John P. McLaughlin, president and chief
executive officer of PDL. "We congratulate Paradigm Spine on their
commercial progress and thank them for the opportunity to partner
with them by offering debt financing to support their
commercialization efforts."
About PDL BioPharma, Inc.
PDL seeks to acquire pharmaceutical products through equity
investments and also provide growth capital and financing solutions
to late-stage public and private healthcare companies, including
immediate financial monetization of royalty streams to companies,
academic institutions, and inventors. PDL has committed over
$1.4 billion and funded approximately
$1.1 billion in these investments to
date. PDL evaluates its investments based on the quality of the
income generating assets and potential returns on investment. PDL
is currently focused on acquiring and managing income generating
assets, and maximizing value for its stockholders.
The Company was formerly known as Protein Design Labs, Inc. and
changed its name to PDL BioPharma, Inc. in 2006. PDL was founded in
1986 and is headquartered in Incline
Village, Nevada. PDL pioneered the humanization of
monoclonal antibodies and, by doing so, enabled the discovery of a
new generation of targeted treatments for cancer and immunologic
diseases for which it receives significant royalty revenue.
PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
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SOURCE PDL BioPharma, Inc.