INCLINE VILLAGE, Nev.,
May 21, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) announces
that it has completed its previously announced distribution of all
of the Company's 13,333,334 shares of common stock of Evofem
Biosciences, Inc. ("Evofem") (Nasdaq: EVFM), which represented
approximately 26.7% of the outstanding shares of Evofem common
stock as of the close of business on May 15,
2020 (the "record date").
The distribution was made today 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. Based on the shares of PDL
common stock outstanding as of the close of business on the record
date, PDL stockholders of record as of the record date are entitled
to receive 0.11591985 shares of Evofem common stock for every share
of PDL common stock held as of the close of business on the record
date.
No fractional shares of Evofem common stock were
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.
An information statement describing the distribution is included
as an exhibit to the Current Report on Form 8-K filed by PDL with
the U.S. Securities and Exchange Commission (the "SEC") on
May 18, 2020. 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.