PDL BioPharma Gets $30.3 Mln To Conclude Revenue Interest Agreement With AxoGen

(RTTNews) - PDL BioPharma, Inc. (PDLI) said the company has received $30.3 million, in addition to previously received revenue interest payments, to conclude PDL's revenue interest agreement with AxoGen, Inc. (AXGN).

In October 2012, PDL entered into a structured financing transaction in which the firm provided AxoGen with an aggregate of $20.8 million in exchange for royalties on certain AxoGen revenues.

AxoGen is a regenerative medicine company dedicated to advancing the science and commercialization of surgical solutions for peripheral nerve repair.

John McLaughlin, president and CEO of PDL, said, "This marks the second concluded investment in our short history of acquiring revenue generating assets and we are pleased with the outcome. Our strict underwriting process is harvesting success."

On November 13, PDL acquired 643,382 registered shares of AxoGen common stock in exchange for approximately $1.75 million under a privately negotiated stock purchase agreement. PDL currently holds approximately 1.8 million shares of AxoGen common stock.