PDL BioPharma Inc (NASDAQ:PDLI) Reports Settlement of Keytruda Patent Breach Lawsuit with Merck

0
780

PDL BioPharma Inc (NASDAQ:PDLI) reported that it has entered into a settlement deal with certain subsidiary firms of Merck & Co., Inc. to resolve the patent breach case related to Keytruda humanized antibody offering.

Under the settlement terms, Merck will compensate PDL a one-time, payment of $19.5 million, and the firm will allow Merck an entirely paid-up, royalty free, license to certain of the firm’s Queen et al. rights for use, pertaining to Keytruda, and an agreement not to indict Merck for any royalties concerning Keytruda. Moreover, the parties agreed to terminate all claims in the pertinent legal proceedings.

The experts view

John P. McLaughlin, the CEO and President of PDL BioPharma, reported that they are delighted to resolve this patent breach case with Merck with a satisfactory monetary settlement to company as well as removing potential future litigation charges related to this subject for both parties. As a result of the announced deal, the company anticipate to recognize license revenue of $19.5 million for the second quarter closing June 30, 2017.

PDL seeks to offer a considerable return for its stockholders by managing and acquiring a portfolio of firms, royalty agreements, debt facilities and products in the pharmaceutical, medical device and biotech industries. A few years ago, PDL began providing different sources of capital via debt facilities and royalty monetization and in 2016, started making equity investments in some of the commercial stage entities. The company has committed more than $1.4 billion and funded around $1.1 billion in the committed investments to date.

Last year was a notable year for PDL; one in which they advanced from different prospects in the specialty pharma sector and noted it an added tool to enhance overall shareholder value. As the company enters into the second quarter of 2017, the management focus will shift on Noden product commercialization, and getting additional specialty pharma resources.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.