INCLINE VILLAGE, Nev.,
May 18, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) announces
the final distribution ratio for the previously announced
distribution of all of the Company's 13,333,334 shares of common
stock of Evofem Biosciences, Inc. ("Evofem") (Nasdaq: EVFM) to be
made on May 21, 2020 (the
"distribution date"). Based on the shares of PDL common stock
outstanding as of the close of business on May 15, 2020 (the "record date"), PDL
stockholders of record as of the record date will be entitled to
receive 0.11591985 shares of Evofem common stock for each share of
PDL common stock held as of the close of business on the record
date.
Subject to certain conditions, the distribution by PDL will be
made on the distribution date in the form of a pro rata common
stock dividend to PDL stockholders of record as of the close of
business on the record date. No fractional shares of Evofem
common stock will be distributed. Instead, PDL stockholders
will receive cash in lieu of any fraction of a share of Evofem
common stock that they otherwise would have received. PDL
stockholders should consult their tax advisors with respect to U.S.
federal, state, local and non-U.S. tax consequences of the
distribution. The distribution of Evofem common stock will be
made in book entry form and no physical share certificates will be
issued.
An information statement describing the distribution will be
included as an exhibit to a Current Report on Form 8-K filed by PDL
with the U.S. Securities and Exchange Commission (the "SEC").
PDL stockholders will not be required to pay cash or other
consideration for the shares of Evofem common stock to be
distributed to them or to surrender or exchange their shares of PDL
common stock to receive Evofem common stock in the
distribution.
Additional information on the distribution, including a copy of
the information statement, will be posted to PDL's website at
http://investor.pdl.com/evofem-distribution-and-tax-information.
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.
About Evofem Biosciences, Inc.
Evofem Biosciences, Inc., (NASDAQ: EVFM) is a clinical-stage
biopharmaceutical company committed to developing and
commercializing innovative products to address unmet needs in
women's sexual and reproductive health. Evofem Biosciences
aims to advance the lives of women by developing innovative
solutions, such as woman-controlled contraception and potential
protection from certain sexually transmitted infections
(STIs). The Company's lead product candidate, Phexxi™, is
currently being reviewed by the U.S. Food and Drug Administration
for prevention of pregnancy. The investigational candidate
EVO100 is being evaluated for prevention of urogenital transmission
of both Chlamydia trachomatis infection
(chlamydia) and Neisseria gonorrhoeae infection
(gonorrhea) in women. For more information regarding Evofem,
please visit www.evofem.com.
Phexxi™ and Multipurpose Vaginal pH Regulator (MVP-R™) are
trademarks of Evofem Biosciences, Inc.
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 Evofem
stock distribution and plan of liquidation. 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 May 11, 2020, respectively, and subsequent
filings. All forward-looking statements are expressly
qualified in their entirety by such factors. We do not
undertake any duty to update any forward-looking statement except
as required by law.
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SOURCE PDL BioPharma, Inc.