INCLINE VILLAGE, Nev.,
Oct. 2, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today
announced that it has completed the previously announced spin-off
of its femtosecond laser system business, LENSAR, Inc. (Nasdaq:
LNSR) ("LENSAR").
PDL stockholders received 0.075879 shares of LENSAR common stock
for every one share of PDL common stock outstanding at 5:00 p.m. Eastern Time on September 22, 2020, the record date for the
spin-off. Stockholders of PDL who have acquired shares of PDL
common stock in the "regular way" market since shortly before the
record date and through October 1,
2020 acquired such shares with an entitlement to receive
shares of LENSAR common stock in connection with the distribution.
Stockholders of PDL who acquired their shares of PDL common stock
ex-distribution during that time did so without an entitlement to
receive shares of LENSAR common stock in connection with the
distribution. LENSAR shares will begin "regular way" trading
on the NASDAQ Stock Market on October 2,
2020.
Read more about LENSAR at the company's website,
www.lensar.com.
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 in the form of cash or equity.
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.
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 plan of
liquidation and the regular-way trading of LENSAR. 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 and Quarterly Report on Form
10-Q, filed with the SEC on March 11,
2020 and August 10, 2020,
respectively, and subsequent filings, and in the Information
Statement included in the Form 10 filed by LENSAR. All
forward-looking statements are expressly qualified in their
entirety by such factors. The Company does not undertake any
duty to update any forward-looking statement except as required by
law.
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SOURCE PDL BioPharma, Inc.