PDLI - PDL BioPharma enters Capital Provision Agreement with Epps Investments

PDL BioPharma ([[PDLI]] +5.2%) has entered into a Capital Provision Agreement with Epps Investments LLC. Under the terms, Epps to pay PDL ~$51.39M no later than December 31, 2020, in exchange for 100% of the payments received by PDL on or after the date of the Agreement pursuant to the settlement agreement with related entities of Defined Diagnostics, LLC announced August 12, 2020.PDL to grant to Epps a security interest in PDL's interest in certain collateral, including the Settlement Agreement and the underlying claims resolved by the Settlement Agreement, as security for the payment of the Company's obligations under the Agreement."The proceeds from this transaction matches the value of the Wellstat notes on PDL's balance sheet, and will be incremental to the initial $7.5 million payment received from the Wellstat parties at the time the Settlement Agreement was signed," commented Dominique Monnet, PDL's President and CEO.

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PDL BioPharma enters Capital Provision Agreement with Epps Investments