PDL BioPharma Inc (NASDAQ:PDLI) recently reported strong Q217 earnings mainly due to royalties related to the authorized generic of Glumetza as well as an increase in the fair value of the Depomed royalty assets as a whole. Also, LENSAR, which became a wholly-owned subsidiary on 11 May, was consolidated in the results, with $2.6m in revenues and $3.8m in expenses. The company continues to receive royalty payments for Tysabri for longer than expected; it was paid $16.3m in Q217.
Tekturna transfer process continues
The company is continuing to work on transferring the marketing authorizations for Tekturna/Rasilez from Novartis to Noden (PDL currently owns 100% of Noden). The transfers for the EU, Switzerland, Canada and Japan are expected to occur in Q417. In the US, Q217 was the first full quarter in which the company had a contract salesforce selling Tekturna, though sales have continued their multi-year decline. It is too early to tell if the contract salesforce is having any impact.
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