INCLINE VILLAGE, Nev.,
May 7, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or "the Company") (Nasdaq: PDLI) reports
financial results for the three months ended March 31, 2020 and provides a business
update:
In March 2020, the Company
announced that its Board of Directors (the "Board") approved a Plan
of Complete Liquidation and passed a resolution to seek stockholder
approval at its next Annual Meeting of Stockholders to dissolve the
Company under Delaware state law
in the event the Board concludes that the whole Company sale
process is unlikely to maximize the value that can be returned to
the stockholders. The Company has not set a definitive timeline to
file for dissolution and intends to pursue its monetization
strategy in a disciplined and cost-effective manner seeking to
maximize returns to stockholders. The Company recognizes, however,
that accelerating the timeline, while continuing to seek to
optimize asset value, could increase returns to stockholders due to
reduced general and administrative ("G&A") expenses as well as
potentially providing faster returns to stockholders. While the
Company cannot provide a definitive timeline for the liquidation
process, it has been targeting the end of 2020 for completing the
monetization of its key assets. However, the Company recognizes
that the duration and extent of the public health issues related to
the COVID-19 pandemic make it possible, and perhaps probable, that
the timing may be delayed. As announced previously, the
Company has engaged financial advisors and initiated processes
either to sell these assets separately or to transact the Company
as a whole.
"We continue to execute on the strategy of monetizing our assets
to unlock the full value of the company for our stockholders," said
Dominique Monnet, president and CEO
of PDL. "Our plan is to follow a disciplined approach with a focus
on maximizing net proceeds. We remain confident in the high quality
of our assets, and we believe that they are attractive acquisition
targets.
"Earlier this week we announced Board of Director approval for a
distribution of all of PDL's shares of Evofem Biosciences common
stock via a special one-time dividend to PDL stockholders as our
first distribution under the Plan of Complete Liquidation," he
added. "We previously stated the ambitious goal of completing the
monetization of our key assets by the end of 2020. While we are
encouraged by our progress, we recognize that the impact of the
COVID-19 pandemic on our assets and the businesses of potential
buyers of those assets could cause some delays, which makes it
possible, and perhaps probable, that the timing of the sale or
sales may be delayed. Again, our intent is to pursue monetization
in a disciplined and cost-effective manner and to distribute the
net proceeds to stockholders in a tax-efficient manner in the form
of share repurchases and dividends, or by other means."
Discontinued Operations Classified as Assets Held for
Sale
As a result of these decisions and the actions put in place in
the first quarter of 2020, at March 31,
2020 the assets held for sale and discontinued operations
criteria were met for the Company's royalty assets and for Noden
Pharma, its pharmaceutical segment. The royalty assets are a
component of the Income Generating Assets segment.
During the period in which a component meets the assets held for
sale and discontinued operations criteria, an entity must present
the assets and liabilities of the discontinued operation separately
in the asset and liability sections of the balance sheet for the
current and comparative reporting periods. The prior period balance
sheet is reclassified for the held for sale items. For statements
of operations, the current and prior periods report the results of
operations of the component in discontinued operations. While the
current period and prior period are presented herein on a
comparative basis in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP"), the presentation has changed from
the reporting of GAAP financial results in our fourth quarter 2019
earnings release.
First Quarter Financial Highlights
- Total revenues were $6.0 million,
consisting primarily of LENSAR product revenue.
- LENSAR revenues were $6.0
million, a decrease of 11% over the prior-year period, with
procedure volume declining 6%.
- Net cash from all royalty rights was $13.6 million, up 8% from $12.6 million for the prior-year period.
- U.S. market share for branded Tekturna® and the
authorized generic of Tekturna of approximately 68% at March 31, 2020 declined from 73% as of
December 31, 2019.
- GAAP net loss was $31.7 million.
Non-GAAP net loss was $6.7 million. A
reconciliation of GAAP to non-GAAP financial results can be found
in Table 4 at the end of this news release.
Revenue Highlights
- Total revenues for the first quarter of 2020 were $6.0 million and consisted primarily of LENSAR
product revenue.
-
- Product revenue from LENSAR was $6.0
million, an 11% decrease from the first quarter of 2019.
LENSAR procedure volume for the first quarter of 2020 declined 6%
from the prior-year period, primarily due to lower system sales and
procedures driven by the negative impact of the COVID-19 pandemic
and the associated deferral of elective medical procedures,
primarily in South Korea and
China. While LENSAR U.S. operating
results for the first quarter of 2020 were not impacted as
significantly by the COVID-19 pandemic, beginning in late March and
into the second quarter of 2020 the pandemic resulted in the
cancellation of practically all elective cataract surgeries. LENSAR
operating results are expected to improve as elective medical
procedures gradually open throughout the remainder of 2020.
Operating Expense Highlights
- Operating expenses from continuing operations of the Company
include G&A expenses for corporate overhead as these costs have
historically not been allocated to individual segments.
- Operating expenses for the first quarter of 2020 were
$37.9 million, a $23.0 million increase from the first quarter of
2019. The increase was primarily a result of an acceleration of
equity awards and the accrual for cash severance and retention
payments under our wind-down retention plan totaling $18.7 million, and for increased professional
service costs. The vesting of equity awards was accelerated when
the Board approved a Plan of Complete Liquidation in February 2020 as this action constituted a change
in control.
- There were decreases in cost of product revenue and sales and
marketing expenses in our Medical Devices segment due to a decline
in revenue, while G&A and research and development expenses
reflected modest increases.
- Net loss from continuing operations for the first quarter of
2020 was $31.8 million, a
$23.3 million increase from the first
quarter of 2019.
Discontinued Operations Highlights
- Discontinued operations consist of the following items:
-
- Net royalty revenues from acquired royalty rights, which
include cash royalties received and a change in fair value of the
royalty rights assets, were $9.4
million compared with $12.3
million in the prior-year period. The decrease is primarily
related to the anticipated decrease in fair value of the royalty
rights for the Type 2 diabetes products acquired from Assertio
Therapeutics. PDL received $13.6
million in net cash from all its royalty rights in the first
quarter of 2020, up from $12.6
million in the prior-year period. See Table 3 for a
rollforward of royalty assets for the first quarter of 2020
compared with the comparable period in 2019.
-
- The asset held for sale classification requires the Company to
record the estimated cost to sell the asset as a deduction to the
carrying value of the asset. In the first quarter of 2020, the
Company recorded $6.0 million as the
estimated cost to sell the royalty assets.
- Product revenue from Noden was $15.0
million compared with $20.0
million in the prior-year period. Revenues for the U.S. and
the rest of the world were $3.9
million and $11.1 million,
respectively, compared with $12.2
million and $7.8 million,
respectively, in the prior-year period. The decline in U.S. revenue
is primarily a result of the launch of an authorized generic of
Tekturna as well as the launch of a third-party generic form of
aliskiren in March 2019. U.S. market
share for branded Tekturna and authorized generic of Tekturna of
approximately 68% declined from the market share of 73% as of
December 31, 2019.
-
- In the first quarter of 2020, the Company recorded $1.9 million as the estimated cost to sell
Noden.
- Net loss from discontinued operations for the first quarter of
2020 was $0.2 million, a $15.3 million decrease from the first quarter of
2019. The decrease was primarily due to the estimated cost to sell
the assets classified as held for sale of $7.9 million and the write down of Noden to
reflect fair value upon its reclassification as an asset held for
sale.
Other Financial Highlights
- As of March 31, 2020, the
Company's investment in Evofem had a market value of $82.6 million, a decrease of $13.8 million from December 31, 2019. The Company acquired its
investment in Evofem in two tranches in the second quarter of 2019,
for a total of $60.0 million.
- On a GAAP basis, the net loss attributable to PDL's
stockholders for the first quarter of 2020 was $31.7 million, or $0.26 per share, compared with GAAP net income
attributable to PDL's stockholders of $6.7
million, or $0.05 per diluted
share, for the prior-year period. Non-GAAP net loss attributable to
PDL's stockholders was $6.7 million
for the first quarter of 2020, compared with non-GAAP net income of
$11.9 million for the first quarter
of 2019.
- PDL had cash and cash equivalents from continuing operations of
$125.5 million as of March 31, 2020, compared with $169.0 million as of December 31, 2019.
-
- The $43.5 million reduction was
primarily the result of common stock repurchases of $19.2 million, the net cash used for the
repurchase of convertible debt of $18.0
million and net cash used in operations of $14.6 million. This reduction was partially
offset by the proceeds from royalty rights of $13.6 million.
Stock Repurchase Programs
- In January 2020, PDL began
repurchasing shares of its common stock in the open market pursuant
to the 10b5-1 program entered into in December 2019. In the first quarter of 2020, the
Company acquired 6.3 million shares for $20.3 million, at an average cost of $3.20 per share, including commissions.
- Under this same program, in the first quarter of 2020, the
Company also repurchased $15.9
million par value of convertible notes.
- As of April 30, 2020, the Company
had approximately 116.5 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
844-535-4071 from the U.S. and Canada or 706-679-2458 internationally. The
conference ID is 7238226. 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 855-859-2056 from the U.S.
and Canada or 404-537-3406
internationally. The replay passcode is 7238226.
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.
As of December 2019, PDL ceased
making 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
stockholders.
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. Noden, Noden Pharma, Tekturna,
Tekturna HCT, Rasilez and Rasilez HCT and associated logos are
trademarks or registered trademarks of, and are proprietary to,
Noden Pharma DAC, which reserves all right therein. LENSAR and
associated logos are trademarks or registered trademarks of, and
are proprietary to, LENSAR, 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 proposed Evofem
stock distribution and plan of liquidation. 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 complete 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, and subsequent
filings. 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.
Important Additional Information and Where to Find It
The Company plans to file a proxy statement (the "2020 Proxy
Statement") with the SEC in connection with the solicitation of
proxies for the 2020 Annual Meeting, together with a WHITE proxy
card. STOCKHOLDERS ARE URGED TO READ THE 2020 PROXY STATEMENT
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain, free of charge, copies of
the 2020 Proxy Statement, any amendments or supplements thereto and
any other documents (including the WHITE proxy card) when filed by
the Company with the SEC in connection with the 2020 Annual Meeting
at the SEC's website (http://www.sec.gov), at the Company's website
(http://investor.pdl.com/investor-relations/sec-filings) or by
contacting Okapi Partners by phone (for stockholders, banks and
brokers) at 877-259-6290 or (all others outside the U.S.) at
212-297-0720, by email at info@okapipartners.com or by mail at
Okapi Partners LLC, 1212 Avenue of the Americas, 24th Floor,
New York, NY 10036.
Participants in the Solicitation
The Company, its directors and certain of its executive officers
and other employees may be deemed to be participants in the
solicitation of proxies from stockholders in connection with the
2020 Annual Meeting. Additional information regarding the identity
of these potential participants, none of whom owns in excess of one
percent (1%) of the Company's shares, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the 2020 Proxy Statement and other materials to be filed with the
SEC in connection with the 2020 Annual Meeting. Information
relating to the foregoing can also be found in the Company's
definitive proxy statement for its 2019 annual meeting of
stockholders (the "2019 Proxy Statement"), filed with the SEC on
April 30, 2019. To the extent
holdings of the Company's securities by such potential participants
(or the identity of such participants) have changed since the
information printed in the 2019 Proxy Statement, such information
has been or will be reflected on Statements of Change in Ownership
on Forms 3 and 4 filed with the SEC. You may obtain free copies of
these documents using the sources indicated above.
TABLE
1
PDL BIOPHARMA,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands,
except per share amounts)
|
|
|
|
Three Months
Ended
March 31,
|
|
|
2020
|
|
2019
|
Revenues
|
|
|
|
|
Product revenue,
net
|
|
$
|
5,985
|
|
|
$
|
6,726
|
|
Royalties from Queen
et al. patents
|
|
—
|
|
|
3
|
|
License and
other
|
|
10
|
|
|
(33)
|
|
Total
revenues
|
|
5,995
|
|
|
6,696
|
|
Operating
Expenses
|
|
|
|
|
Cost of product
revenue (excluding intangible asset amortization)
|
|
2,860
|
|
|
3,800
|
|
Amortization of
intangible assets
|
|
302
|
|
|
318
|
|
Severance and
retention
|
|
18,734
|
|
|
—
|
|
General and
administrative
|
|
12,869
|
|
|
8,313
|
|
Sales and
marketing
|
|
1,250
|
|
|
1,574
|
|
Research and
development
|
|
1,856
|
|
|
910
|
|
Total operating
expenses
|
|
37,871
|
|
|
14,915
|
|
Operating loss
from continuing operations
|
|
(31,876)
|
|
|
(8,219)
|
|
Non-operating
expense, net
|
|
|
|
|
Interest and other
income, net
|
|
513
|
|
|
1,874
|
|
Interest
expense
|
|
(474)
|
|
|
(2,955)
|
|
Equity affiliate -
change in fair value
|
|
(13,797)
|
|
|
—
|
|
Loss on
extinguishment of convertible notes
|
|
(606)
|
|
|
—
|
|
Total non-operating
expense, net
|
|
(14,364)
|
|
|
(1,081)
|
|
Loss from continuing
operations before income taxes
|
|
(46,240)
|
|
|
(9,300)
|
|
Income tax benefit
from continuing operations
|
|
(14,473)
|
|
|
(848)
|
|
Net loss from
continuing operations
|
|
(31,767)
|
|
|
(8,452)
|
|
Income from
discontinued operations before income taxes (including loss on
classification
as held for sale of $12,761 for the three months ended March 31,
2020)
|
|
75
|
|
|
18,689
|
|
Income tax expense of
discontinued operations
|
|
319
|
|
|
3,620
|
|
(Loss) income on
discontinued operations
|
|
(244)
|
|
|
15,069
|
|
Net (loss)
income
|
|
(32,011)
|
|
|
6,617
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
(288)
|
|
|
(63)
|
|
Net (loss) income
attributable to PDL's stockholders
|
|
$
|
(31,723)
|
|
|
$
|
6,680
|
|
|
|
|
|
|
Net (loss) income
per share - basic
|
|
|
|
|
Net (loss) income
from continuing operations
|
|
$
|
(0.26)
|
|
|
$
|
(0.07)
|
|
Net (loss) income
from discontinued operations
|
|
$
|
0.00
|
|
|
$
|
0.12
|
|
Net (loss) income
attributable to PDL's shareholders
|
|
$
|
(0.26)
|
|
|
$
|
0.05
|
|
Net (loss) income
per share - diluted
|
|
|
|
|
Net (loss) income
from continuing operations
|
|
$
|
(0.26)
|
|
|
$
|
(0.07)
|
|
Net (loss) income
from discontinued operations
|
|
$
|
0.00
|
|
|
$
|
0.12
|
|
Net (loss) income
attributable to PDL's shareholders
|
|
$
|
(0.26)
|
|
|
$
|
0.05
|
|
Weighted-average
shares outstanding
|
|
|
|
|
Basic
|
|
122,896
|
|
|
128,799
|
|
Diluted
|
|
122,896
|
|
|
128,799
|
|
TABLE
2
PDL BIOPHARMA,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEET DATA
(Unaudited)
(In
thousands)
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
Cash and cash
equivalents
|
|
$
|
125,512
|
|
|
$
|
168,982
|
|
Notes
receivable
|
|
$
|
53,299
|
|
|
$
|
53,410
|
|
Assets held for
sale
|
|
$
|
331,661
|
|
|
$
|
350,366
|
|
Total
assets
|
|
$
|
658,716
|
|
|
$
|
716,119
|
|
Liabilities held for
sale
|
|
$
|
24,554
|
|
|
$
|
31,215
|
|
Total convertible
notes payable
|
|
$
|
13,302
|
|
|
$
|
27,250
|
|
Total stockholders'
equity
|
|
$
|
553,115
|
|
|
$
|
593,278
|
|
TABLE
3
PDL BIOPHARMA,
INC.
CONDENSED ROYALTY
ASSET DATA
(Unaudited)
(In
thousands)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2020
|
|
March 31,
2019
|
(in
thousands)
|
|
Cash
Royalties
|
|
Change In
Fair Value
|
|
Total
|
|
Cash
Royalties
|
|
Change In
Fair Value
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assertio
|
|
$
|
11,177
|
|
|
$
|
(3,161)
|
|
|
$
|
8,016
|
|
|
$
|
10,968
|
|
|
$
|
(552)
|
|
|
$
|
10,416
|
|
VB
|
|
266
|
|
|
206
|
|
|
472
|
|
|
267
|
|
|
128
|
|
|
395
|
|
U-M
|
|
2,005
|
|
|
(1,391)
|
|
|
614
|
|
|
1,267
|
|
|
(536)
|
|
|
731
|
|
AcelRx
|
|
79
|
|
|
200
|
|
|
279
|
|
|
68
|
|
|
2,088
|
|
|
2,156
|
|
KYBELLA
|
|
42
|
|
|
(29)
|
|
|
13
|
|
|
50
|
|
|
(1,491)
|
|
|
(1,441)
|
|
|
|
$
|
13,569
|
|
|
$
|
(4,175)
|
|
|
$
|
9,394
|
|
|
$
|
12,620
|
|
|
$
|
(363)
|
|
|
$
|
12,257
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as
of
|
|
Royalty Rights
-
|
|
Fair Value as
of
|
(in
thousands)
|
|
December 31,
2019
|
|
Change in Fair
Value
|
|
March 31, 2020
(1)
|
Assertio
|
|
$
|
218,672
|
|
|
$
|
(3,161)
|
|
|
$
|
215,511
|
|
VB
|
|
13,590
|
|
|
206
|
|
|
13,796
|
|
U-M
|
|
20,398
|
|
|
(1,391)
|
|
|
19,007
|
|
AcelRx
|
|
12,952
|
|
|
200
|
|
|
13,152
|
|
KYBELLA
|
|
584
|
|
|
(29)
|
|
|
555
|
|
|
|
$
|
266,196
|
|
|
$
|
(4,175)
|
|
|
$
|
262,021
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes the
aggregate estimated remaining costs to sell of $5.8
million.
|
TABLE
4
PDL BIOPHARMA,
INC.
GAAP to NON-GAAP
RECONCILIATION:
NET (LOSS)
INCOME
(Unaudited)
(In
thousands)
|
|
A reconciliation
between net (loss) income on a GAAP basis and on a non-GAAP basis
is as follows:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
GAAP net (loss)
income attributed to PDL's stockholders as reported
|
|
$
|
(31,723)
|
|
|
$
|
6,680
|
|
Adjustments to
Non-GAAP net income (as detailed below)
|
|
25,012
|
|
|
5,175
|
|
Non-GAAP net income
attributed to PDL's stockholders
|
|
$
|
(6,711)
|
|
|
$
|
11,855
|
|
|
|
|
|
|
An itemized
reconciliation between net (loss) income on a GAAP basis and on a
non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2020
|
|
2019
|
GAAP net (loss)
income attributed to PDL's stockholders, as reported
|
|
$
|
(31,723)
|
|
|
$
|
6,680
|
|
Adjustments:
|
|
|
|
|
Mark-to-market
adjustment to fair value - royalty assets
|
|
4,175
|
|
|
363
|
|
Mark-to-market
adjustment to equity affiliate
|
|
11,334
|
|
|
—
|
|
Non-cash stock-based
compensation expense
|
|
18,274
|
|
|
1,169
|
|
Non-cash debt
offering costs
|
|
280
|
|
|
1,923
|
|
Non-cash depreciation
and amortization expense
|
|
757
|
|
|
1,128
|
|
Mark-to-market
adjustment on warrants held
|
|
2,453
|
|
|
33
|
|
Non-cash amortization
of intangible assets
|
|
691
|
|
|
1,572
|
|
Income tax effect
related to above items
|
|
(12,952)
|
|
|
(1,013)
|
|
Total
adjustments
|
|
25,012
|
|
|
5,175
|
|
Non-GAAP net (loss)
income
|
|
$
|
(6,711)
|
|
|
$
|
11,855
|
|
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on
a GAAP basis by providing an additional measure which may be
considered a "non-GAAP" financial measure under applicable rules of
the Securities and Exchange Commission. We believe that the
disclosure of this non-GAAP financial measure provides our
investors with additional information that reflects the amounts and
financial basis upon which our management assesses and operates our
business. These non-GAAP financial measures are not in accordance
with generally accepted accounting principles and should not be
viewed in isolation or as a substitute for reported, or GAAP, net
income, and is not a substitute for, or superior to, measures of
financial performance performed in conformity with GAAP.
"Non-GAAP net income" is not based on any standardized
methodology prescribed by GAAP and represents GAAP net income
adjusted to exclude (1) mark-to-market adjustments related to the
fair value election for our investments in royalty rights presented
in our earnings, which include the fair value re-measurement of
future discounted cash flows for each of the royalty rights assets
we have acquired, (2) market-to-mark adjustment to our equity
affiliate, (3) non-cash stock-based compensation expense, (4)
non-cash interest expense related to PDL debt offering
costs, (5) mark-to-market adjustments related to warrants
held, (6) non-cash amortization of intangible assets, (7) non-cash
depreciation and amortization expense and (8) the related tax
effect of all reconciling items within our reconciliation. Non-GAAP
financial measures used by PDL may be calculated differently from,
and therefore may not be comparable to, non-GAAP measures used by
other companies.
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SOURCE PDL BioPharma, Inc.