INCLINE VILLAGE, Nev.,
Sept. 21, 2015 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL") (Nasdaq: PDLI) announced today that it has
acquired a portion of the royalties on expected sales of AcelRx
Pharmaceuticals Inc.'s ("AcelRx") (Nasdaq: ACRX) Zalviso™
(sufentanil sublingual tablet system) in the European Union,
Switzerland and Australia by its commercial partner,
Grunenthal. Under the terms of the agreement, PDL has provided
AcelRx with gross proceeds of $65
million, and in exchange, PDL will receive 75 percent of the
royalties AcelRx receives from Grunenthal as well as 80 percent of
the first four commercial milestones subject to a capped
amount.
Zalviso is a combination drug and device product which, using a
patient controlled dispenser, delivers a sub-lingual formulation of
sufentanil, an opioid with a high therapeutic index. It is being
evaluated for the treatment of moderate to severe post-operative
pain in the hospital setting and could be used in lieu of
intravenous patient-controlled analgesia (IV PCA). Zalviso has been
submitted for product approval in the European Union and has
received a positive opinion from the Committee for Medicinal
Products for Human Use (CHMP) of the European Medicines Agency
(EMA). Pending approval, Grunenthal expects to launch Zalviso
beginning in the first half of 2016, and PDL expects to begin
receiving royalties shortly thereafter.
"We are pleased to be able to provide non-dilutive capital to
AcelRx and to add Zalviso to our diversified portfolio of
pharmaceutical royalties," stated John P.
McLaughlin, president and chief executive officer of PDL
BioPharma. "This transaction represents the fifteenth transaction
we have completed since launching our initiative to build a
portfolio of income generating assets."
About AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
innovative therapies for the treatment of acute pain. For
additional information about AcelRx, please visit
www.acelrx.com.
About PDL BioPharma, Inc.
PDL manages a portfolio of patents and royalty assets,
consisting of its Queen et al. patents, license agreements with
various biotechnology and pharmaceutical companies, and royalty and
other assets acquired. To acquire new income generating assets, PDL
provides non-dilutive growth capital and financing solutions to
late-stage public and private healthcare companies and offers
immediate financial monetization of royalty streams to companies,
academic and research institutions, and inventors. PDL has invested
approximately $895 million to date.
PDL evaluates its investments based on the quality of the income
generating assets and potential returns on investment. PDL is
currently focused on intellectual property asset management,
acquiring new income generating assets and maximizing value for its
shareholders. PDL was founded in 1986 and is headquartered in
Incline Village, Nevada. For more
information, please visit www.pdl.com.
PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
Forward-looking Statements
This press release
contains "forward-looking" statements as defined in the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations or predictions of future
conditions, events or results based on various assumptions and
management's estimates of trends and economic factors in the
markets in which we are active, as well as our business plans.
Words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts," "may,"
"should," variations of such words and similar expressions are
intended to identify such forward-looking statements. The
forward-looking statements may include, without limitation,
statements regarding forecasted revenues in respect of acquired
assets, investments or financial or operational performance. The
forward-looking statements are subject to risks and uncertainties,
which may cause results to differ materially from those set forth
in the statements. Forward-looking statements in this release
should be evaluated together with the many uncertainties that
affect the business of PDL and its market, particularly those
discussed in the risk factors and cautionary statements in filings
made by PDL with the Securities and Exchange Commission.
Forward-looking statements are not guarantees of future
performance, and actual results may differ materially from those
projected. The forward-looking statements are representative only
as of the date they are made, and PDL does not assume any
responsibility to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
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SOURCE PDL BioPharma, Inc.