PDL BioPharma: A Transitional Quarter
Edison | Dec 08, 2016 07:08AM ET
PDL BioPharma Inc (NASDAQ:PDLI) has reported earnings for Q316, the first quarter in which revenues ($14.3m) flowed in from its Noden Pharma investment. During Q3, Novartis continued to distribute the Noden products and transferred net profits after taking out the cost of manufacturing and a fee.
Noden is now distributing the products itself as of Q4. PDL has also issued $150m in 2.75% convertible debt, due in 2021. The bulk of the proceeds went towards repurchasing $120m of principal of its 4% notes, due in 2018.
Noden acquisition vehicle up and running
Through its 88% ownership position in Noden Pharma, which currently markets the Tekturna/Rasilez franchise, PDL now has a vehicle to take advantage of divestments from large pharmaceutical companies and build a successful, profitable specialty pharmaceutical franchise.
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