PDL BioPharma - Accelerating asset monetization

PDL BioPharma announced that the company is targeting either a complete sale or the monetization of its four key assets by the end of 2020, much faster than the two to three years previously communicated. To this end, the company has enlisted the help of three different advisors, namely Bank of America for the sale of the entire company or the royalty portfolio, Torreya for the sale of Noden and Evofem and SVB Leerink to investigate opportunities for LENSAR. The company will return the value to shareholders in as tax efficient a manner as possible likely via share repurchases or dividends.