October 30, 2017 / 11:30 AM / 23 days ago

BRIEF-PDL Biopharma announces settlement agreement with Valeant

Oct 30 (Reuters) - PDL Biopharma Inc

* PDL Biopharma announces settlement agreement with Valeant

* PDL Biopharma - ‍Valeant to pay a one-time, lump-sum payment of $13.0 million as part of settlement

* PDL Biopharma - ‍Valeant’s one-time, lump-sum payment will be transferred to co pursuant to terms of Depomed royalty agreement

* PDL Biopharma - ‍Valeant’s one-time, lump-sum payment to co will not recognized as revenue by Depomed​

* PDL - ‍depomed, co to release Valeant from claims against it arising from royalty audit, Valeant’s obligation to pay royalties during audit period​

* PDL Biopharma Inc- ‍valeant will release Depomed, co from all claims against them as a result of audit and/or litigation​

* PDL - ‍entered into settlement with Valeant that resolves matters relating to “alleged underpayment of royalties by Valeant”​ Source text for Eikon: Further company coverage:

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