WASHINGTON (dpa-AFX) - PDL BioPharma, Inc. (PDLI) has entered into a settlement agreement with related entities of Defined Diagnostics, LLC, or Wellstat Parties, resolving litigation relating to loans made to Wellstat Diagnostics by PDL.
The loans totaling $44.1 million were made pursuant to a loan agreement between Wellstat Diagnostics and PDL dated August 2013, and the notes were carried on PDL's balance sheet for $51.39 million as of June 30, 2020. Wellstat Parties would pay an amount of $7.5 million upon the signing of the agreement and: either $5 million by February 10, 2021 and $55 million by July 26, 2021; or $67.5 million by July 26, 2021.
'We look forward to receiving the agreed payments, which should increase the net proceeds from our monetization strategy that we can ultimately distribute to our stockholders,' said PDL's CEO Dominique Monnet.
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