PDL BioPharma, Inc. PDLI announced that it received cash payments worth $133.7 million from Nov 1, 2015 through Dec 1, 2015.
These include royalties of $14 million and $104.9 million from Biogen Inc. BIIB and Roche Holding AG’s RHHBY Genentech, Inc., respectively, due from the Queen et al. patent license as well as a royalty payment of $5.3 million for Glumetza for the month of October from Valeant Pharmaceuticals International, Inc. VRX. Moreover, the receipt covers a note payment of $9.5 million from kaleo, Inc.’s Accel 300, LLC, which includes $4.6 million in principal and $4.9 million in interest payment due.
We note that PDL BioPharma manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other acquired assets. Although these patents expired in Dec 2014, the company continues to receive royalties on the basis of certain terms of licenses and legal settlements.
In the first nine months of 2015, PDL BioPharma received royalties of $363.9 million from the Queen et al. licenses. However, the company does not expect to earn meaningful revenues from Queen et al. licenses beyond the first quarter of 2016.
PDL BioPharma carries a Zacks Rank #4 (Sell). Biogen is a better-ranked stock in the health care sector, with a Zacks Rank #2 (Buy).
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