BioCentury
ARTICLE | Finance

Ebb & Flow

April 14, 2008 7:00 AM UTC

PDL BioPharma(NASDAQ:PDLI) last week said it will spin off its biotech pipeline into a newco. It also solidified plans to return more than $500 million, or $4.25 per share, to shareholders in the form of a dividend on May 5.

Along with the pipeline, the newco will get $375 million in cash. It also could receive up to $85 million in milestones plus royalties that PDL was eligible to receive under a deal under which EKR Therapeutics acquired several marketed products and a Phase II candidate (see BioCentury, Feb. 11). ...