PDL BioPharma Closes Divestiture Of Noden Pharmaceutical Business

(RTTNews) - PDL BioPharma, Inc. (PDLI) announced the closing of the sale of its subsidiaries Noden Pharma DAC and Noden Pharma USA to Stanley Capital. This will result in payments to PDL of up to $52.83 million in cash, $4.58 million greater than previously announced. Payments to PDL, in connection with the closing of the deal, are $12.72 million.

PDL believes the deal may qualify for some Federal tax benefit under the CARES Act. In connection with its monetization process, PDL expects to execute transactions in 2020 that may result in the recognition of ordinary tax losses that, under the CARES Act, could be applied to prior tax years in which PDL was a substantial tax payor.