PDL BioPharma, Inc. (PDL)
PDLI today announced that in connection with the acquisition of
Durata Therapeutics, Inc. by Actavis, PDL has received approximately $42.7
million in connection with the termination of PDL's credit agreement with
Durata, which included repayment of the full principal amount outstanding of
$40 million, accrued interest, and prepayment and change of control premiums.
In October 2013, PDL entered into a structured financing transaction with
Durata in which PDL agreed to provide Durata with up to $70 million of debt
financing with a five year term and in turn would receive interest on the
principal amount outstanding and a security interest in substantially all of
Durata's assets.
"It was our pleasure to provide financial support to Durata as they advanced
Dalvance™ (dalbavancin) through product approval, and we wish them continued
success," stated John P. McLaughlin, president and chief executive officer of
PDL. "Durata represents one of the 12 transactions we have engaged in to date,
and we are continually assessing new opportunities that will enable us to
further increase our revenues and thus, continue our policy of paying
dividends to shareholders."
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in