PDL BioPharma

US: PDLI

$282m market cap

$2.47 last close

As of December 2019, PDL BioPharma has ceased to make additional strategic transactions and investments. It is pursuing a formal process to unlock the value of its portfolio by monetizing its assets and ultimately distributing net proceeds to shareholders.

Investment summary

After completing a strategic review process, it has decided to cease additional strategic investments and monetize the company’s current assets, returning net proceeds to shareholders. PDL has made significant progress so far. Most recently, in October, LENSAR was spun off to PDL shareholders and the previously announced sale of Noden was completed in September. Also, the Kybella, Zalviso and Coflex royalties were sold to SWK Holdings for $4.35m and a settlement agreement was reached with Wellstat in August. The main assets remaining to be disposed of are the Assertio royalties and the University of Michigan royalties on Cerdelga.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 32.0 (24.3) (30.4) (16.25) N/A N/A
2019A 30.7 (39.3) (44.6) (43.64) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

PDL BioPharma has a portfolio of assets (royalties, notes and direct investments) in healthcare covering the medical device and biotechnology sectors.

Last updated on 30/12/2020
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.4) (15.3) 0.7
Relative* (5.3) (23.7) (13.1)
52-week high/low US$3.4/US$1.9
*% relative to local index
Key management
Dominique Monnet President & CEO

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