Attached files
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| EX-99.1 - PDL BIOPHARMA, INC. | v211123_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported): February 10,
2011
PDL
BioPharma, Inc.
(Exact
name of Company as specified in its charter)
000-19756
(Commission
File Number)
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Delaware
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94-3023969
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|
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(State
or Other Jurisdiction of
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(I.R.S.
Employer Identification No.)
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Incorporation)
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932
Southwood Boulevard
Incline
Village, Nevada 89451
(Address
of principal executive offices, with zip code)
(775)
832-8500
(Company’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Company under any of the following
provisions:
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¨
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01 Other Events.
MedImmune,
LLC and PDL BioPharma, Inc. Resolve Patent Disputes
On February 16, 2011, PDL BioPharma,
Inc. (“PDL”) announced that PDL and MedImmune, LLC (“MedImmune”) have entered
into a definitive settlement agreement that resolves all legal disputes between
the parties, including those relating to MedImmune’s product Synagis® and
PDL's patents known as the Queen et al. patents.
Under the settlement agreement, PDL
paid MedImmune $65 million on February 15, 2011 and will pay $27.5 million by
February 10, 2012 for a total of $92.5 million. MedImmune has not paid royalties
to PDL on sales of Synagis that occurred after September 30, 2009. No
further payments will be owed by MedImmune to PDL under its license to the Queen
et al. patents as a result of past or future Synagis sales. As part of the
settlement agreement, MedImmune has agreed not to challenge or assist other
parties in challenging the Queen et al. patents.
On
February 16, 2011, PDL issued a press release announcing the above settlement.
The press release is attached hereto as Exhibit 99.1 and is incorporated herein
by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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Exhibit
No.
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Description
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99.1
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Press
Release, dated February 16, 2011
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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PDL
BIOPHARMA, INC.
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(Company)
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By:
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/s/ Christopher Stone
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Christopher
Stone
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Vice
President, General Counsel and Secretary
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Dated: February
16, 2011
EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
Release, dated February 16, 2011
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