PDL BioPharma: Seeking Additional Commercial Products
Edison | Nov 20, 2017 07:46AM ET
PDL BioPharma Inc (NASDAQ:PDLI) recently reported strong Q317 earnings, mainly due to royalties related to Depomed as well as an increase in the fair value of the Depomed assets due to a settlement agreement with Valeant related to underpayment. In addition, PDL made public its attempt to acquire Neos Therapeutics, an attention deficit hyperactivity disorder (ADHD) focused specialty pharmaceutical company, for $10.25 per share (approximately $300m based on the latest share count). Neos declined the offer, which expired on 8 November. PDL has expressed that it believes this is a fair offer and has not indicated that it will increase it.
Neos buyout bid
On 26 October 2017, PDL made a hostile bid at $10.25 per share in cash for the acquisition of Neos Therapeutics (~40% premium to the stock price at the time), which currently markets two products in the US for ADHD (both are extended release oral disintegrated tablet versions of the current standards of care for ADHD) and will launch a third product early in 2018. The offer expired on 8 November and next steps are unclear.
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PDL BioPharma: Seeking Additional Commercial Products
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