PDL BioPharma announced the closing of a previously announced acquisition of substantially all of LENSAR’s assets by a wholly-owned subsidiary of ALPHAEON Corporation.

As part of this acquisition, ALPHAEON’s subsidiary entered into an amended and restated credit agreement with PDL and assumed $42 million in loans as part of the borrowings under PDL’s prior credit agreement with LENSAR. Also as part of this acquisition, ALPHAEON issued 1.7 million of its Class A common stock to PDL.

“We are pleased that ALPHAEON has completed its acquisition of LENSAR’s assets and will begin the integration with a stronger presence in the femtosecond laser market,” said John P. McLaughlin, president and chief executive officer of PDL. “We look forward to positive developments from ALPHAEON and its newly created subsidiary and significant growth in this strategically important market for them.”

PDL will have a first lien security interest in substantially all of the assets of the newly created wholly-owned subsidiary of ALPHAEON. The loans bear an interest rate of 15.5% per annum, payable quarterly in arrears.

PDL manages a portfolio of patents and royalty assets, consisting of its Queen et al patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired.

To acquire new income generating assets, 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.