PDL BioPharma Inc was organized as a Delaware corporation in 1986 under the name Protein Design Labs, Inc. In 2006, the Company changed its name to PDL BioPharma, Inc. The Company is engaged in the discovery of a new generation of targeted treatments for cancer and immunologic diseases. The Company focuses on intellectual property asset management, investing in new royalty bearing assets and maximizing the value of its patent portfolio and related assets. It manages a portfolio of patents and royalty assets, consisting of its Queen et al. antibody humanization patents and license agreements with various biotechnology and pharmaceutical companies. Its Queen et al. patents, covers among other things, humanized antibodies, methods for humanizing antibodies, polynucleotide encoding in humanized antibodies and methods of producing humanized antibodies. It's U.S. Patent; covers methods and materials used in the manufacture of humanized antibodies. The Company entered into licensing agreements under Queen et al. patents with entities that are independently developing or have developed humanized antibodies. The Company entered into patents license agreement with Genentech, Biogen Idec and Chugai; and it entered into a royalty purchase and sale agreement with Depomed, Inc. As on year ended December 31, 2013, the Company received Queen et al. patent royalties on sales of the eight humanized antibody products, all of which are currently approved for use by the FDA and other regulatory agencies outside the United States; including, Avastin, Herceptin, Xolair, Lucentis, Perjeta, Kadcyla, Tysabri and Actemra. The Company has also entered into licensing agreements under which it has licensed certain rights for development stage products that have not yet reached commercialization including products that are currently in Phase 3 clinical trials. The Company faces competition from other royalty buyers and enterprises. The Company's licensees, borrowers and royalty-agreement counterparties are subject to stringent regulation with respect to product safety and efficacy by various international, federal, state and local authorities.