PDL BioPharma, Inc. (NASDAQ:PDLI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 7, 2017, Danny Hart tendered a notice of resignation to the PDL BioPharma, Inc. (the “Company”) as Vice President, Business Development with such resignation to be effective as of October 20, 2017.
The Company expects to enter into an agreement with Mr. Hart to which Mr. Hart will be entitled to severance payments materially consistent with the Company’s severance policy. The foregoing description is qualified in its entirety by reference to the full text of the separation agreement expected to be entered into with Mr. Hart, a copy of which is expected to be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, if Mr. Hart signs such agreement.
About PDL BioPharma, Inc. (NASDAQ:PDLI)
PDL BioPharma, Inc., formerly Protein Design Labs, Inc., 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. The Company 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. It evaluates its investments based on the quality of the income generating assets and potential returns on investment. It is focused on intellectual property asset management, acquiring income generating assets and maximizing value for its stockholders, among others. It receives royalties on sales of over ten humanized antibody products, which include Avastin, Herceptin, Xolair, Kadcyla, Tysabri, Actemra, Gazyva and Entyvio all of which are approved for use.