PDL BioPharma secures royalties on diabetes products in $240m deal

22 October 2013

PDL BioPharma (Nasdaq: PDLI) has acquired the rights to receive royalties and milestones payable on sales of Type 2 diabetes products licensed by US specialty drugmaker Depomed (Nasdaq: DEPO) in exchange for a $240.5 million cash payment.

PDL will receive all royalty and milestone payments due under the agreements until it has received payments equal to two times the cash payment made to Depomed, after which all payments received will be shared evenly between PDL and Depomed.

Milestone payments

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