INCLINE VILLAGE, Nev.,
Nov. 11, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or "the Company") (Nasdaq: PDLI) reports
financial results for the three and nine months ended September 30, 2020 and provides an update on
important milestones achieved in the execution of its monetization
and liquidation plan.
"We have made tremendous progress in the execution of our asset
monetization strategy," commented PDL's President and CEO
Dominique Monnet. "We are in a
strong position as we prepare to file for dissolution under
Delaware state law, that our Board
has determined will occur on January 4,
2021. Initiating the Delaware dissolution process at this time will
enable us to accelerate the distribution of our remaining assets to
our stockholders after completion of the Safe Harbor process. I
would like to thank the PDL Board and team, our advisors and our
LENSAR and Noden colleagues for what we have accomplished together
since the beginning of this challenging year. I am grateful to our
remaining team members for their continued focus on completing our
liquidation process and maximizing its proceeds for the benefit of
our stockholders."
Third Quarter and Recent Accomplishments
- On August 12, 2020, PDL announced
that it entered into a settlement agreement (the "Settlement
Agreement") with related entities of Defined Diagnostics, LLC
(f/k/a Wellstat Diagnostics, LLC) ("Wellstat Diagnostics" and,
together with such related entities, the "Wellstat Parties")
resolving previously reported litigation relating to loans made to
Wellstat Diagnostics by PDL. Under the terms of the Settlement
Agreement, the Wellstat Parties paid an amount of $7.5 million upon the signing of the Settlement
Agreement and are to pay either (1) $5.0
million by February 10, 2021
and $55.0 million by July 26, 2021; or (2) $67.5 million by July 26,
2021. If the Wellstat Parties fail to make payment in full
by July 26, 2021, PDL shall be
authorized to record and confess judgment against the Wellstat
Parties for an amount of $92.5
million or such lesser amount as may be owed under the
Settlement Agreement.
- On August 31, 2020, PDL completed
the sale of Kybella®, Zalviso® and
Coflex® royalties to SWK Holdings Corporation for
$4.35 million in cash, approximately
$3.9 million of which was received by
PDL in the third quarter.
- On September 9, 2020, PDL
completed the divestiture 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, $12.2 million of which was received in the third
quarter.
- PDL received notices in the third quarter of 2020 to convert
$11.2 million par value of its
convertible notes due in December
2021, representing 81% of the remaining 2021 notes. After
this conversion period, $3.6 million
of the 2021 and 2024 convertible notes in aggregate will remain
outstanding.
- On October 1, 2020, PDL completed
the spin-off of all of its shares in its majority owned subsidiary
LENSAR, Inc. ("LENSAR") to PDL stockholders.
PDL intends to file a Certificate of Dissolution with the
State of Delaware on January 4, 2021
In July 2020, PDL issued its proxy
statement that requested approval by the stockholders of a Plan of
Dissolution as the most efficient manner of winding up the
Company's business and distributing the proceeds of its liquidation
process to the stockholders. At PDL's 2020 Annual Meeting of
Stockholders on August 19, 2020,
PDL's stockholders approved the Plan of Dissolution and authorized
the PDL Board of Directors ("the Board") to file a certificate of
dissolution with the State of
Delaware (the "Certificate of Dissolution") upon its
determination that such a filing is in the best interests of PDL
stockholders. At its November 5, 2020
meeting, the Board resolved that the Certificate of Dissolution
will be filed on January 4, 2021.
Please refer to the Plan of Dissolution in PDL's Proxy Statement
for a detailed discussion of dissolution, but note the
following:
- PDL will continue its existence for three years after filing
the Certificate of Dissolution, or such longer period as the
Delaware Court of Chancery may
direct, for the purpose of prosecuting and defending suits,
settling and closing its business, disposing of and conveying its
property, discharging its liabilities and distributing to its
stockholders any remaining assets.
- Before distributions are made to PDL's stockholders, PDL will
follow the Safe Harbor Procedures found in Sections 280 and 281(a)
of the Delaware General Corporate Law (DGCL) to resolve current,
contingent and likely unknown claims against the Company.
Generally, the Safe Harbor Procedures reduce the potential
liability of the Company's stockholders and directors from future
claims. Under the Safe Harbor Procedures, PDL will petition the
Delaware Court of Chancery to
determine the amount and form of security that will be set aside
before distributions are made to PDL's stockholders. Upon
completion of the Safe Harbor Procedures, PDL will distribute its
remaining assets to its stockholders. PDL does not anticipate
making any distributions to stockholders before the Safe Harbor
Procedures are completed.
PDL will engage with Nasdaq regarding the delisting of the
Company's common stock, which it expects will occur after market
close on December 31, 2020. PDL
does not anticipate transferring into OTC trading. The Company's
transfer books will close as of the filing of the certificate of
dissolution, expected to occur on January 4,
2021 (the "Final Record Date"). After such time, the Company
will not record any further transfers of its common stock, except
pursuant to the provisions of a deceased stockholder's will,
intestate succession, or by operation of law, and PDL will not
issue any new stock certificates, other than replacement
certificates. In addition, after the Final Record Date, the Company
will not issue any shares of its common stock upon exercise of
outstanding stock options. As a result of the closing of PDL's
transfer books, it is anticipated that distributions, if any, made
in connection with the Dissolution will be made pro rata to the
same stockholders of record as the stockholders of record as of the
Final Record Date, and it is anticipated that no further trading of
the Company's common stock will occur after the Final Record
Date.
Presentation of Financial Position and Results of
Operations
Liquidation Basis of Accounting
As a result of the approval by the Company's stockholders on
August 19, 2020 to pursue dissolution
of the Company, PDL's basis of accounting transitioned, effective
September 1, 2020, from the going
concern basis of accounting ("Going Concern Basis") to the
liquidation basis of accounting ("Liquidation Basis") in accordance
with U.S. Generally Accepted Accounting Principles. Under the
Liquidation Basis, all assets are stated at their estimated
liquidation value. Contractual liabilities under the Liquidation
Basis are measured in accordance with applicable GAAP and all other
liabilities, including costs associated with implementing the
wind-down of the Company, are recorded at their estimated
settlement amounts over the expected liquidation period.
Given the adoption of the Liquidation Basis on September 1, 2020, the results of operations for
the three and nine months ended September
30, 2020 are not comparable to prior-year periods or with
other interim periods in the current year presented under the Going
Concern Basis primarily due to the differing accounting methods.
See Table 1 for the results of operations for the two and eight
months ended August 31, 2020 and for
the three and nine months ended September
30, 2019 under the Going Concern Basis.
Under the Liquidation Basis, the values of the Company's assets
and liabilities include management's estimate of income to be
generated from the remaining assets until the anticipated date of
sale, estimated sales proceeds, estimates for operating expenses
and expected amounts required to settle liabilities. The estimated
liquidation values for assets derived from future revenue streams
and asset sales and the settlement of estimated liabilities are
reflected on the Condensed Consolidated Statement of Net Assets in
Liquidation in Table 2. The actual amounts realized could differ
materially from the estimated amounts. The changes in net assets in
liquidation are presented in a Condensed Consolidated Statement of
Changes in Net Assets. See Table 3 for the changes from
September 1, 2020, the date of
adoption of Liquidation Basis, to September
30, 2020, the end of the third quarter.
Statement of Net Assets in Liquidation
- As of September 30, 2020, prior
to the spin-off of LENSAR, net assets in liquidation were
$494.7 million. Please see Table
2.
- Total assets as of September 30,
2020 were $604.0 million and
consisted primarily of our remaining royalty assets, LENSAR's
assets prior to the spin-off, cash and cash equivalents, and a tax
receivable reflecting the amounts expected to be refunded under the
CARES Act.
- The CARES Act receivable as of September
30, 2020 is estimated to be $80.5
million and includes, in addition to the losses from
operations, the ordinary losses incurred on the Noden transaction
and the sale of the royalty assets.
- Total assets also included an Intangible Asset for LENSAR,
which reflects the step up in the value of the entity to its
enterprise value prior to its spin-off on October 1, 2020. Net assets attributable to
LENSAR on September 30, 2020 were
$112.4 million.
- Total liabilities as of September 30,
2020 were $109.3 million and
consisted primarily of amounts accrued for an ongoing audit by the
California Franchise Tax Board for the tax years 2009 through 2015,
amounts owed under our convertible notes and amounts accrued for
estimated operating expenses to be incurred through
dissolution.
- The pro forma column in Table 2 presents the September 30, 2020, Condensed Consolidated
Statement of Net Assets excluding LENSAR's assets and liabilities.
It also reflects an estimated $11.8
million reduction in the September
30, 2020 CARES Act receivable resulting from the inclusion
in taxable income of the expected gain on the spin-off of LENSAR
that will be recorded in the fourth quarter.
Other Financial Highlights
- Net cash received from all royalty rights for the first nine
months of 2020 was $42.6 million,
down 27% from $58.3 million for the
prior-year nine-month period, primarily due to a decline in the net
price of Glumetza year over year. See Table 4.
- Regarding royalty rights remaining after the SWK transaction,
i.e., royalties on Glumetza and other combination products of
metformin using Assertio's modified release technology as well as
royalties on sales of Cerdelga, net cash received was $41.8 million first nine months of 2020 and
$17.4 million for the three-months
ended September 30, 2020.
Stock and Convertible Note Repurchase Program
- In January 2020, PDL began
repurchasing shares of its common stock in the open market pursuant
to a 10b5-1 program entered into in December
2019 following a $275 million
repurchase plan approved by the Board. For the year-to-date 2020,
the Company acquired 12.3 million shares of its common stock for
$39.4 million, at an average cost of
$3.20 per share, including
commissions.
- For the year-to-date 2020 under this same repurchase plan, the
Company also repurchased $15.9
million par value of convertible notes.
- In consideration of the impact and uncertainty introduced by
the COVID-19 pandemic on the Company's monetization process, the
Company discontinued its 10b5-1 program on May 31, 2020.
- Through September 30, 2020, the
total amount spent of the $275
million Board authorized repurchase program, including the
value of the Company's stock issued in connection with the
December 2019 convertible debt
exchange, was $213.0 million.
- Pursuant to the stockholders' approval on August 19, 2020 of a plan to dissolve the Company
under Delaware state law, a
fundamental change provision under PDL's convertible note
indentures was triggered that enabled bondholders to tender their
bonds for cash settlement totaling the outstanding principal plus
accrued interest or, alternatively, to exercise their conversion
rights under the indentures. Both options expired near the end of
September 2020. No bonds were
tendered to PDL for payment, but bondholders holding $11.2 million par value of the 2021 convertible
notes exercised their conversion rights. The Company intends to
settle the conversion of these notes entirely with cash on hand,
which will occur near the end of the fourth quarter of 2020.
- As of October 31, 2020, the
Company had approximately 114.2 million shares of common stock
outstanding.
Conference Call and Webcast
PDL will hold a conference call to discuss financial results and
provide a business update at 4:30 p.m.
Eastern time today. Slides to accompany the conference call
will be available in the Investor Relations section of
https://www.pdl.com/.
To access the live conference call via phone, please dial (833)
685-0901 from the U.S. or (412) 317-5734 internationally. The
conference ID is 10149211. A telephone replay will be available for
one week beginning approximately one hour after the completion of
the call and can be accessed by dialing (877) 344-7529 from the
U.S., (855) 669-9658 from Canada
or (412) 317-0088 internationally. The replay passcode is
10149211.
To access the live and subsequently archived webcast of the
conference call, go to the Investor Relations section of
https://www.pdl.com/ and select "Events & Presentations."
About PDL BioPharma, Inc.
Throughout its history, PDL's mission has been to improve the
lives of patients by aiding in the successful development of
innovative therapeutics and healthcare technologies. PDL BioPharma
was founded in 1986 as Protein Design Labs, Inc. when it pioneered
the humanization of monoclonal antibodies, enabling the discovery
of a new generation of targeted treatments that have had a profound
impact on patients living with different cancers as well as a
variety of other debilitating diseases. In 2006, the Company
changed its name to PDL BioPharma, Inc.
On August 19, 2020, PDL announced
at the Company's 2020 Annual Meeting of Stockholders approval by
stockholders for a Plan of Dissolution authorizing the Company to
liquidate and dissolve the Company in accordance with the Plan of
Dissolution. At its November 5, 2020
meeting, the Board resolved that the Certificate of Dissolution
will be filed on January 4, 2021.
For more information please visit https://www.pdl.com/
NOTE: PDL, PDL BioPharma, the PDL logo and associated logos 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, including as it relates to the Company's Plan of
Liquidation, dissolution and wind-down of operations. 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 and business, including
the implementation or success of the Company's monetization
strategy/Plan of Liquidation, are disclosed in the risk factors
contained in the Company's Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the "SEC") on March 11, 2020, in the Company's Quarterly
Reports on Form 10-Q filed with the SEC on May 11, 2020 and August
10, 2020 and in the Company's Definitive Proxy Statement on
Schedule 14A filed with the SEC on July 7,
2020. 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.
TABLE
1
|
PDL BIOPHARMA,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
|
(unaudited)
|
(In thousands,
except per share amounts)
|
|
|
|
Two Months
Ended
|
|
Three Months
Ended
|
|
Eight Months
Ended
|
|
Nine Months
Ended
|
|
|
August
31,
|
|
September
30,
|
|
August
31,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
(Under Going Concern
Basis of Accounting)
|
Revenues
|
|
|
|
|
|
|
|
|
Product revenue,
net
|
|
$
|
2,831
|
|
|
$
|
5,856
|
|
|
$
|
10,946
|
|
|
$
|
15,860
|
|
Lease
revenue
|
|
703
|
|
|
1,322
|
|
|
2,139
|
|
|
3,854
|
|
Service
revenue
|
|
544
|
|
|
898
|
|
|
2,126
|
|
|
2,510
|
|
Royalties from Queen
et al. patents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
License and
other
|
|
37
|
|
|
(45)
|
|
|
110
|
|
|
(48)
|
|
Total
revenues
|
|
4,115
|
|
|
8,031
|
|
|
15,321
|
|
|
22,185
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Cost of product
revenue (excluding intangible asset amortization)
|
|
1,127
|
|
|
4,765
|
|
|
6,626
|
|
|
13,494
|
|
Amortization of
intangible assets
|
|
204
|
|
|
321
|
|
|
841
|
|
|
983
|
|
Severance and
retention
|
|
2,400
|
|
|
—
|
|
|
24,713
|
|
|
—
|
|
General and
administrative
|
|
7,224
|
|
|
10,062
|
|
|
29,695
|
|
|
27,067
|
|
Sales and
marketing
|
|
835
|
|
|
1,545
|
|
|
3,322
|
|
|
4,980
|
|
Research and
development
|
|
1,053
|
|
|
4,310
|
|
|
4,374
|
|
|
6,106
|
|
Total operating
expenses
|
|
12,843
|
|
|
21,003
|
|
|
69,571
|
|
|
52,630
|
|
Operating loss
from continuing operations
|
|
(8,728)
|
|
|
(12,972)
|
|
|
(54,250)
|
|
|
(30,445)
|
|
Non-operating
expense, net
|
|
|
|
|
|
|
|
|
Interest and other
income, net
|
|
26
|
|
|
1,460
|
|
|
608
|
|
|
4,984
|
|
Interest
expense
|
|
(210)
|
|
|
(3,011)
|
|
|
(996)
|
|
|
(8,950)
|
|
Gain on sale of
intangible assets
|
|
—
|
|
|
3,476
|
|
|
—
|
|
|
3,476
|
|
Loss on
investment
|
|
(5,576)
|
|
|
—
|
|
|
(5,576)
|
|
|
—
|
|
Loss on extinguishment
of convertible notes
|
|
—
|
|
|
(3,900)
|
|
|
(606)
|
|
|
(3,900)
|
|
Total non-operating
expense, net
|
|
(5,760)
|
|
|
(1,975)
|
|
|
(6,570)
|
|
|
(4,390)
|
|
Loss from continuing
operations before income taxes
|
|
(14,488)
|
|
|
(14,947)
|
|
|
(60,820)
|
|
|
(34,835)
|
|
Income tax benefit
from continuing operations
|
|
(3,636)
|
|
|
(3,136)
|
|
|
(17,780)
|
|
|
(6,558)
|
|
Net loss from
continuing operations
|
|
(10,852)
|
|
|
(11,811)
|
|
|
(43,040)
|
|
|
(28,277)
|
|
Income (loss) from
discontinued operations before income taxes (including loss on
classification as held for sale of zero and $28,904 for the two
eight months ended August 31, 2020)
|
|
191
|
|
|
(4,962)
|
|
|
(57,921)
|
|
|
18,555
|
|
Income tax (benefit)
expense of discontinued operations
|
|
(15,045)
|
|
|
1,193
|
|
|
(23,006)
|
|
|
6,141
|
|
Income (loss) from
discontinued operations
|
|
15,236
|
|
|
(6,155)
|
|
|
(34,915)
|
|
|
12,414
|
|
Net income
(loss)
|
|
4,384
|
|
|
(17,966)
|
|
|
(77,955)
|
|
|
(15,863)
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
(14)
|
|
|
(182)
|
|
|
(659)
|
|
|
(340)
|
|
Net income (loss)
attributable to PDL's shareholders
|
|
$
|
4,398
|
|
|
$
|
(17,784)
|
|
|
$
|
(77,296)
|
|
|
$
|
(15,523)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per share - basic
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(0.10)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.23)
|
|
Net income (loss) from
discontinued operations
|
|
0.14
|
|
|
(0.06)
|
|
|
(0.30)
|
|
|
0.10
|
|
Net income (loss)
attributable to PDL's shareholders
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.66)
|
|
|
$
|
(0.13)
|
|
Net income (loss)
per share - diluted
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(0.10)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.36)
|
|
|
$
|
(0.23)
|
|
Net income (loss) from
discontinued operations
|
|
0.14
|
|
|
(0.06)
|
|
|
(0.30)
|
|
|
0.10
|
|
Net income (loss)
attributable to PDL's shareholders
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.66)
|
|
|
$
|
(0.13)
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
113,889
|
|
|
112,986
|
|
|
118,001
|
|
|
119,966
|
|
Diluted
|
|
113,889
|
|
|
112,986
|
|
|
118,001
|
|
|
119,966
|
|
TABLE
2
|
PDL BIOPHARMA,
INC.
|
CONDENSED
CONSOLIDATED STATEMENT OF NET ASSETS AND
|
CONDENSED
CONSOLIDATED STATEMENT OF NET ASSETS
|
EXCLUDING LENSAR'S
ASSETS AND LIABILITIES
|
(Unaudited)
|
(In
thousands)
|
|
|
September
30,
|
|
LENSAR's Net
Assets
|
|
September
30,
|
|
2020
|
|
|
2020
|
|
|
|
|
|
|
|
(Under
Liquidation
Basis of Accounting)
|
|
(Under
Liquidation
Basis of Accounting)
|
|
(Proforma)
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
125,736
|
|
|
$
|
42,701
|
|
|
$
|
83,035
|
|
Accounts
receivable
|
8,323
|
|
|
2,429
|
|
|
5,894
|
|
Receivables from asset
sales
|
39,389
|
|
|
—
|
|
|
39,389
|
|
Notes
receivable
|
53,070
|
|
|
989
|
|
|
52,081
|
|
Inventory
|
13,685
|
|
|
13,685
|
|
|
—
|
|
Royalty
assets
|
227,738
|
|
|
—
|
|
|
227,738
|
|
Income tax
receivable
|
88,778
|
|
|
11,829
|
|
|
76,949
|
|
Property and
equipment
|
783
|
|
|
783
|
|
|
—
|
|
Equipment under
lease
|
3,033
|
|
|
3,033
|
|
|
—
|
|
Intangible
assets
|
34,908
|
|
|
34,908
|
|
|
—
|
|
Other assets
|
8,591
|
|
|
4,863
|
|
|
3,728
|
|
Total
assets
|
$
|
604,034
|
|
|
$
|
115,220
|
|
|
$
|
488,814
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Accounts
payable
|
$
|
3,639
|
|
|
$
|
2,349
|
|
|
$
|
1,290
|
|
Accrued liabilities,
LENSAR
|
473
|
|
|
473
|
|
|
—
|
|
Uncertain tax
positions
|
34,942
|
|
|
—
|
|
|
34,942
|
|
Compensation and
benefit costs
|
21,219
|
|
|
—
|
|
|
21,219
|
|
Lease
guarantee
|
10,700
|
|
|
—
|
|
|
10,700
|
|
Costs to sell
assets
|
5,007
|
|
|
—
|
|
|
5,007
|
|
Other accrued
liquidation costs
|
18,104
|
|
|
—
|
|
|
18,104
|
|
Convertible notes
payable
|
15,238
|
|
|
—
|
|
|
15,238
|
|
Total
liabilities
|
$
|
109,322
|
|
|
$
|
2,822
|
|
|
$
|
106,500
|
|
|
|
|
|
|
|
Net assets in
liquidation
|
$
|
494,712
|
|
|
$
|
112,398
|
|
|
$
|
382,314
|
|
TABLE
3
|
PDL BIOPHARMA,
INC.
|
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
|
(Unaudited)
|
(In
thousands)
|
|
|
(Under
Liquidation
Basis of Accounting)
|
|
|
Net assets in
liquidation, at September 1, 2020
|
$
|
440,398
|
|
|
|
Changes in assets and
liabilities in liquidation:
|
|
Decrease in
liquidation value of royalty assets
|
(3,944)
|
|
Decrease in
receivables from asset sales
|
(9,078)
|
|
Increase in
liquidation value of notes receivable
|
8,027
|
|
Increase in other
assets
|
7,355
|
|
Increase in income tax
receivable
|
53,106
|
|
Decrease in estimated
costs to sell assets
|
3,048
|
|
Decrease in uncertain
tax positions
|
4,414
|
|
Increase in estimated
liquidation costs
|
(8,667)
|
|
Decrease in other
liabilities
|
53
|
|
Total changes in net
assets in liquidation
|
54,314
|
|
|
|
Net assets in
liquidation, at September 30, 2020
|
$
|
494,712
|
|
TABLE
4
|
PDL BIOPHARMA,
INC.
|
CONDENSED ROYALTY
ASSET DATA
|
(Unaudited)
|
(In
thousands)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
2020
|
|
September 30,
2019
|
|
September 30,
2020
|
|
September 30,
2019
|
|
|
Cash
Royalties
|
|
Cash
Royalties
|
|
Cash
Royalties
|
|
Cash
Royalties
|
|
|
|
|
|
|
|
|
|
Assertio
|
|
$
|
15,205
|
|
|
$
|
23,597
|
|
|
$
|
35,222
|
|
|
$
|
52,980
|
|
VB
|
|
137
|
|
254
|
|
612
|
|
|
748
|
|
U-M
|
|
2,219
|
|
1,574
|
|
6,573
|
|
|
4,212
|
|
AcelRx
|
|
38
|
|
80
|
|
194
|
|
|
241
|
|
KYBELLA
|
|
—
|
|
59
|
|
42
|
|
|
109
|
|
|
|
$
|
17,599
|
|
|
$
|
25,564
|
|
|
$
|
42,643
|
|
|
$
|
58,290
|
|
View original
content:http://www.prnewswire.com/news-releases/pdl-biopharma-reports-2020-third-quarter-financial-results-and-sets-date-to-file-a-certificate-of-dissolution-301171301.html
SOURCE PDL BioPharma, Inc.