PDL BioPharma Announces Developments Related to LENSAR Debt Investment

PDL BioPharma, Inc.

today announced recent developments related to its debt investment in LENSAR, Inc. (LENSAR), a leading global developer and manufacturer of Femtosecond Cataract Lasers.  As announced by ALPHAEON Corporation (ALPHAEON), a definitive agreement between a subsidiary of ALPHAEON and LENSAR was signed whereby the subsidiary of ALPHAEON will acquire substantially all the assets of LENSAR. ALPHAEON is a private company focused on cash-pay patients in ophthalmology and dermatology. Closing of the transaction is subject to the satisfaction of certain conditions.  Upon closing, ALPHAEON's subsidiary will pay a combination of cash, stock and assumed debt in consideration for the acquisition. Upon the closing of the acquisition, ALPHAEON'S subsidiary will assume $42 million of debt in the form of an amended and restated credit agreement between PDL and ALPHAEON'S subsidiary.  In addition, PDL will receive $12.5 million in ALPHAEON common stock. Terms of the amended and restated credit agreement are similar to PDL's original agreement with LENSAR.  PDL will have a first lien security interest in substantially all of the assets of the newly created subsidiary of ALPHAEON. "As we previously