PDL BioPharma Concludes Durata Debt Financing Agreement
PDL BioPharma announced that in connection with the acquisition of Durata Therapeutics by Actavis, PDL received approximately $42.7 million in connection with the termination of PDL’s credit agreement with Durata.
“It was our pleasure to provide financial support to Durata as they advanced Dalvance™ (dalbavancin) through product approval, and we wish them continued success,” stated John P. McLaughlin, president and CEO of PDL. “Durata represents one of the 12 transactions we have engaged in to date, and we are continually assessing new opportunities that will enable us to further increase our revenues and thus, continue our policy of paying dividends to shareholders.”
PDL provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions, and inventors.