PDL BioPharma has made key hires and reconfigured its business in preparation for the expiry of a crucial set of patents that have provided revenue for decades. The company has told investors that it will use its remaining cash to either purchase new royalty-bearing assets or, failing that, wind up the business.
Founded in 1986 as Protein Design Labs (PDL), PDL BioPharma Inc. pioneered the development of humanized antibodies, and went on to base its business model on licensing that technology...