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BRIEF-PDL Biopharma provides additional info regarding acquired diabetes royalty rights

Published 2015-11-06, 09:33 a/m
© Reuters. BRIEF-PDL Biopharma provides additional info regarding acquired diabetes royalty rights

Nov 6 (Reuters) - PDL BioPharma Inc PDLI.O :
* Provides additional information regarding acquired diabetes royalty rights
* When PDL did not get reports, payments for July and August 2015 for glumetza,
Depomed contacted Valeant
* Says Depomed contacted Valeant to request the contractually required reports
and to inquire when payment would be made
* As of September 30, co not revised expectations as to any impact, acquisition
or price increase will have on future cash flows from glumetza
* Will monitor whether the acquisition or price increases by Valeant have any
effect on sales of glumetza and thus royalties paid to PDL
* Received no communication from Valeant or Depomed as to why payments and
reporting were late"
* Is working with Depomed to resolve this issue with Valeant going forward"
* PDL believes it is in its best interest to exercise its audit rights"; "PDL
expects to begin this process by year end 2015"
* Source text for Eikon ID:nPn5gRW7
* Further company coverage PDLI.O

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