On June 7, 2017, PDL BioPharma, Inc. (the Company) and Noden Pharma DAC (Noden) agreed to terminate the Investment and Stockholders Agreement dated as of July 1, 2016 by and among the Company, Noden and Elie Farah (the Agreement).

In May, 2017, the Company purchased Mr. Farahs shares, thereby terminating his interests in the Agreement. Upon the purchase of Mr. Farahs shares, Noden is a wholly-owned subsidiary of the Company.

The Agreement provided for equity contributions to be made by the Company in Noden in connection with its investment in Noden and Nodens purchase of Tekturna

and Tekturna HCT

in the United States and Rasilez

and Rasilez HCT

in the rest of the world. The Agreement also governed the rights and obligations of the Company and Mr. Farah relating to eachs ownership of Noden equity interests.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which was filed as Exhibit 10.5 to the Companys Quarterly Report on Form 10-Q filed August 4, 2016.

Cautionary Statements

This filing and the Companys statements herein contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "may," "should," variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this filing should be evaluated together with the many uncertainties that affect the business of the Company and its markets, particularly those discussed in the risk factors and cautionary statements contained in the Company's annual report filed with the SEC on March 1, 2017, as well as subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. The forward-looking statements are representative only as of the date they are made, and the Company assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PDL BIOPHARMA, INC.

(Company)

By:

/s/ John P. McLaughlin

John P. McLaughlin

President and Chief Executive Officer

Dated:

June12, 2017

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Other recent filings from the company include the following:

Current report, items 7.01 and 9.01 - Nov. 14, 2017
PDL BioPharma Just Filed Its Quarterly Report: 2. Net Income per Sh... - Nov. 13, 2017
Notification of inability to timely file Form 10-Q or 10-QSB - Nov. 13, 2017
Pdl Biopharma’S Proposal To Acquire Neos Therapeutics Expires Today; - Nov. 8, 2017
PDL: Cook Williams Communications, Inc - Nov. 2, 2017

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