PDL BioPharma

US: PDLI

$361.3m market cap

$3.17 last close

As of December 2019, PDL BioPharma has ceased to make additional strategic transactions and investments and 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

PDL BioPharma has a portfolio of assets in the healthcare space covering the medical device and biotechnology sectors. 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. While the company cannot provide a definitive timeline for the liquidation process, it is targeting to complete the monetization or distribution of its key assets over the next 12 months. Key assets include a cataract surgical equipment business in its LENSAR subsidiary which is expected to be spun off in the form of a dividend on 1 October. The company recently announced the divestiture of its Noden subsdiary to Stanley Capital, settled the Wellstat litigation and sold off its Kybella, Zalviso and Coflex royalty rights to SWK holdings.

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) (16.2) N/A N/A
2019A 30.7 (39.3) (44.6) (43.6) N/A N/A
2020E 23.1 (40.8) (41.0) (21.8) N/A N/A
2021E 32.6 (36.0) (36.1) (31.7) 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 24/09/2020
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 95.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.7) 7.5 75.1
Relative* (0.3) 1.0 60.0
52-week high/low US$3.6/US$1.7
*% relative to local index
Key management
Dominique Monnet President & CEO

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