PDL BioPharma Announces Favorable Decision in Wellstat Diagnostics Litigation

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

PDL BioPharma Announces Favorable Decision in Wellstat Diagnostics Litigation

PR Newswire

INCLINE VILLAGE, Nev., Sept. 11, 2019 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) announced that the Supreme Court of New York, County of New York, Commercial Division, issued its decision today in PDL's previously disclosed litigation related to defaults by Wellstat Diagnostics on loans made to it by the Company.  The loans of $44,100,000 were made pursuant to a loan agreement between Wellstat Diagnostics and PDL dated August 2013.  Today's decision resolved a dispute regarding the validity and enforceability of guarantees on the loan made by related entities of Wellstat Diagnostics (the "Wellstat Diagnostics Guarantors"). 

PDL BioPharma, Inc. (PRNewsFoto/PDL BioPharma, Inc.)

The summary judgment decision holds that the guarantees executed by the Wellstat Diagnostics Guarantors are valid and enforceable, and that the Wellstat Diagnostics Guarantors are liable for the amount owed under the loan agreement. The court ordered a damages inquest before a special referee to calculate the amount owed under the loan agreement between Wellstat Diagnostics and PDL.  PDL expects to seek recovery for the full amount due under the terms of the loan, including the principal, accumulated interest, further advances and fees.

"We are very pleased with the decision by the Supreme Court of New York" said Dominique Monnet, president and CEO of PDL. "We view the Company's anticipated award in this case as an excellent outcome for our company and our shareholders."

The Wellstat Diagnostic Guarantors have 30 days from the filing of the notice of entry of the New York Court's decision on summary judgment to file a notice of appeal to the Appellate Division of the Supreme Court of New York.

About PDL BioPharma, Inc.

PDL's mission is to improve the lives of patients and create value for our shareholders and our people by applying our capital and expertise for the successful development and commercialization of innovative therapeutics by our partner companies. We deliver on our mission by entering into strategic transactions involving innovative late clinical-stage or early commercial-stage therapeutics with attractive revenue growth potential.

NOTE:  PDL, PDL BioPharma, the PDL logo and associated logos and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary to, PDL BioPharma, Inc. which reserves all rights therein.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/pdl-biopharma-announces-favorable-decision-in-wellstat-diagnostics-litigation-300916657.html

SOURCE PDL BioPharma, Inc.

Copyright CNW Group 2019

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).