PDL BIOPHARMA, INC. - FORM 8-K - September 23, 2015

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - PDL BIOPHARMA, INC.	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): September 22, 2015

PDL BioPharma, Inc.

(Exact name of Company as specified in its charter)

000-19756

(Commission File Number)

Delaware		94-3023969
(State or Other Jurisdiction of Incorporation)		(I.R.S. Employer Identification No.)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.02

Termination of a Material Definitive Agreement.

On September 22, 2014, PDL BioPharma, Inc. (the Company) received a payment of approximately $21.4 million constituting repayment in full of the outstanding principal amount of loans plus accrued interest and a prepayment fee under that certain Credit Agreement, dated as of October 18, 2013 between the Company and Avinger, Inc. (Avinger). Avinger will continue to pay the Company a 0.9% royalty on Avinger’s net revenues, subject to specified minimum quarterly payments, through April 2018. The repayment was made in connection with a refinancing consummated by Avinger.

Item 8.01

Other Events.

On September 23, 2015, the Company issued a press release announcing the transaction. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release

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.

	PDL BioPharma, inc.
	(Company)


	By:	/s/ John P. McLaughlin
		John P. McLaughlin
		President and Chief Executive Officer

Dated: September 23, 2015