PDL BioPharma recently announced that its has agreed to a $75 million initial equity investment in Noden Pharma DAC, a privately held company based in Ireland, and an affiliate.
"We are pleased to announce the closing of this equity investment transaction with Noden and believe that this transaction represents a paradigm shift for us," John P. McLaughlin, president and CEO of PDL, said. "While we'll continue to build on our portfolio of income generating assets, our investment in Noden provides another platform for value creation. We are already in discussions about additional specialty pharma assets that Noden could acquire."
The investment comes on the heels of an announcement by Noden stating that it has finalized a purchase agreement with Novartis AG. This will allow Noden to acquire the exclusive manufacturing, marketing and selling rights worldwide for the Tekturna and Tekturna HCT, a branded prescription medication for the treatment of hypertension, in the United States, as well as Rasilez and Rasilez HCT globally.
The first year of the transaction will have PDL contributing $107 million to Noden. This will include the initial equity investment of $75 million.