INCLINE VILLAGE, Nev.,
April 24, 2017 /PRNewswire/ -- PDL
BioPharma, Inc. (PDL or the Company) (NASDAQ: PDLI) today announced
that on April 21, 2017, the Company
entered into a settlement agreement with certain subsidiaries of
Merck & Co., Inc. ("Merck") to resolve the patent infringement
lawsuit between the parties pending in the U.S. District Court for
the District of New Jersey related
to Merck's Keytruda humanized antibody product. Under the terms of
the agreement, Merck will pay the Company a one time, lump-sum
payment of $19.5 million, and the
Company will grant Merck a fully paid-up, royalty free,
non-exclusive license to certain of the Company's Queen et al.
patent rights for use in connection with Keytruda as well as a
covenant not to sue Merck for any royalties regarding Keytruda.
In addition, the parties agreed to dismiss all claims in the
relevant legal proceedings.
"We are pleased to resolve this patent infringement lawsuit with
Merck with a favorable monetary settlement to PDL as well as
eliminating potential future litigation costs related to this
matter for both parties," said John P.
McLaughlin, president and chief executive officer of PDL.
"As a result of this settlement, we expect to recognize
$19.5 million in license revenue for
the second quarter ending June 30,
2017."
About PDL BioPharma
PDL seeks to provide a significant
return for its shareholders by acquiring and managing a portfolio
of companies, products, royalty agreements and debt facilities in
the biotech, pharmaceutical and medical device industries. In
late 2012, PDL began providing alternative sources of capital
through royalty monetizations and debt facilities and in 2016,
began making equity investments in commercial stage companies, the
first being Noden Pharma DAC. PDL has committed
over $1.4 billion and funded approximately $1.1
billion in these investments to date. PDL is
headquartered in Incline Village, Nevada.
For more information, please visit www.pdl.com.
PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
Contacts:
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Peter
Garcia
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Jennifer
Williams
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PDL BioPharma,
Inc.
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Cook Williams
Communications, Inc.
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775-832-8500
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360-668-3701
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Peter.Garcia@pdl.com
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jennifer@cwcomm.org
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SOURCE PDL BioPharma, Inc.