PDL BioPharma Board Authorizes $30 Mln Stock Buyback - Quick Facts

(RTTNews) - PDL BioPharma, Inc. (PDLI) announced the company's board has authorized the repurchase of up to $30 million of the company's common stock through March 2018. The company said the purchases may be made in open-market transactions, block transactions on or off an exchange, in privately negotiated transactions.

"Given our expected infusion of cash from matured investments, the stock repurchase program represents an appropriate use of the company's cash and will create shareholder value while maintaining sufficient flexibility for strategic investments going forward," said John McLaughlin, president and CEO.