March 11, 2020 / 9:11 PM / 21 days ago

BRIEF-PDL Biopharma Plans To Dissolve Co By Year- End 2020

March 11 (Reuters) - PDL BioPharma Inc:

* QTRLY REVENUE NEGATIVE (NOT POSITIVE) $5.8 MILLION VERSUS POSITIVE REVENUE OF $45.1 MILLION

* PDL BIOPHARMA REPORTS 2019 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS AND ANNOUNCES PLAN TO DISSOLVE THE COMPANY BY YEAR-END 2020

* QTRLY LOSS PER SHARE $0.48

* PDL BIOPHARMA- CO CAN EITHER EXECUTE WHOLE CO SALE OR MONETIZE KEY ASSETS & DISTRIBUTE SIGNIFICANT PORTION OF NET PROCEEDS TO STOCKHOLDERS BY 2020 END

* WILL CONTINUE ITS EFFORTS TO MINIMIZE OPERATING COSTS

* A COST MANAGEMENT COMMITTEE OF BOARD WAS FORMED TO OVERSEE THESE COST REDUCTION INITIATIVES

* PDL BIOPHARMA -UNDER MONETIZATION PLAN, IF WHOLE CO SALE WILL NOT OPTIMIZE RETURNS, IT WOULD TARGET FILING OF CERTIFICATE OF DISSOLUTION BY 2020 END

* PDL BOARD APPROVED PLAN OF COMPLETE LIQUIDATION AND PLANS TO SEEK STOCKHOLDER APPROVAL FOR DISSOLUTION OF COMPANY

* TARGETING TO FILE A CERTIFICATE OF DISSOLUTION UNDER DELAWARE LAW BY YEAR-END 2020 Source text for Eikon: [ID: nPn3cYvyka] Further company coverage:

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