INCLINE VILLAGE, Nev.,
Feb. 20, 2018 /PRNewswire/ -- PDL
BioPharma, Inc. (NASDAQ: PDLI) today officially announced it will
no longer pursue its proposed acquisition of Neos Therapeutics,
Inc. (NASDAQ: NEOS). While PDL's last public disclosure
announced its proposal expired on November
8, 2017, PDL has maintained its interest until recently
making the decision to not make any further proposals.
John P. McLaughlin, chief
executive officer of PDL, stated, "While we believe we have
provided a compelling opportunity for Neos' shareholders, we were
unable to agree on terms that were in the best interest of our
shareholders. We continue to pursue other opportunities and
be disciplined in the process."
About PDL BioPharma, Inc.
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 2012, PDL began
providing alternative sources of capital through royalty
monetizations and debt facilities, and in 2016, began acquiring
commercial-stage products and launching specialized companies
dedicated to the commercialization of these products. To date, PDL
has consummated 17 such transactions, of which nine are active and
outstanding. PDL has one debt transaction outstanding, representing
deployed and committed capital of $20.0
million: CareView; one hybrid royalty/debt transaction
outstanding, representing deployed and committed capital of
$44.0 million: Wellstat Diagnostics;
and five royalty transactions outstanding, representing deployed
and committed capital of $396.1
million and $397.1 million,
respectively: KYBELLA®, AcelRx, University of Michigan, Viscogliosi Brothers and
Depomed. PDL's equity and loan investments in Noden represent
deployed and committed capital of $179.0
million and $202.0 million,
respectively, and its converted equity and loan investment in
LENSAR represents deployed capital of $40
million.
NOTE: PDL, PDL BioPharma, the PDL logo and the PDL
BioPharma logo are trademarks or registered trademarks of, and are
proprietary, to PDL BioPharma, Inc. which reserves all rights
therein.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Each of these forward-looking statements involves risks
and uncertainties. Actual results may differ materially from those,
express or implied, in these forward-looking statements. Important
factors that could impair the value of the Company's assets or
business, are disclosed in the risk factors contained in the
Company's Annual Report on Form 10-K, filed with the Securities and
Exchange Commission, filed with the Securities and Exchange
Commission on March 1, 2017. All
forward-looking statements are expressly qualified in their
entirety by such factors. We do not undertake any duty to update
any forward-looking statement except as required by law.
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SOURCE PDL BioPharma, Inc.