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PDL BioPharma Enters Into Agreement for the Divestiture of the Noden Pharmaceutical Business to Stanley Capital

On July 30, 2020 PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) reported the signing of a definitive agreement for the sale of 100% of the outstanding stock in its wholly owned subsidiaries Noden Pharma DAC and Noden USA (collectively "Noden") to Stanley Capital ("Stanley Capital") (Press release, PDL BioPharma, JUL 30, 2020, View Source [SID1234565091]). The total value of the transaction will result in payments to PDL of up to $48.25 million in cash.

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"Entering into this transaction for the sale of Noden to Stanley Capital represents another significant step in the execution of our monetization strategy," commented PDL’s President and CEO Dominique Monnet. "We thank Alan Markey and the Noden team for their dedication and service, and we wish Noden and Stanley Capital much success."

Simon Cottle, Partner at Stanley Capital, said: "The acquisition of Noden is the culmination of years of thematic research into the specialty pharmaceuticals sector, which identified the company as a strong buy and build platform. We look forward to working with Noden’s excellent management team and our industry advisors to build the company into a leading pharma platform, providing essential treatments for patients with unique and difficult to treat conditions."

After taking into account the expected adjustments for transaction expenses, indebtedness and working capital, payments to PDL are expected to be approximately $12.0 million in connection with the closing of the transaction. The agreement provides for an additional $33 million to be paid to PDL in twelve equal quarterly installments from January 2021 to October 2023. The agreement also provides PDL with the potential for two additional contingent payments totaling $3.25 million.

Together with their advisors, Torreya and SVB Leerink, PDL’s board of directors and management team evaluated a number of potential transactions to maximize shareholder value for Noden. Torreya was retained by PDL to explore potential strategic transactions and assist in the disposition of Noden, while SVB Leerink has been engaged by PDL to advise on overall liquidation and distribution strategies. PDL believes the transaction with Stanley Capital represents the greatest total value and certainty of completion. The transaction is expected to close in August 2020 and is subject to certain customary closing conditions.

"We also wish to thank Jill Jene, our Vice President Business Development, for her dedication, leadership and highly valued contributions as a key member of the management team and for guiding PDL’s business development efforts for the past two years," added Mr. Monnet. "Jill and her team have been instrumental in the execution of our monetization process. We will enter into a separation agreement with Jill, who will be departing PDL in August 2020. We wish her success in her future endeavors."

PDL BioPharma to Announce Second Quarter 2020 Financial Results on August 6, 2020

On July 30, 2020 PDL BioPharma, Inc. ("PDL" or "the Company") (Nasdaq: PDLI) reported that it will release its second quarter 2020 financial results for the period ended June 30, 2020, on Thursday, August 6, 2020, after market close (Press release, PDL BioPharma, JUL 30, 2020, View Source [SID1234565090]). PDL’s management will host a conference call and webcast that day at 4:30 p.m. Eastern time to discuss the operating and financial results and recent developments. A slide presentation relating to the call will be available via the webcast link on the PDL website at View Source

Conference Call Details
We encourage participants to pre-register for the conference call using the following link: View Source Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Those who choose not to pre-register can access the live conference by dialing (866) 777-2509 from the United States or (412) 317-5413 internationally. The conference ID is 10146007. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available for one week following the call and may be accessed by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally. The replay passcode is 10146007.

To access the live and subsequently archived webcast of the conference call, go to "Events & Presentations" on the Company’s website. Please connect to the website at least 15 minutes prior to the call to allow for any software download that may be necessary.

Neurocrine Biosciences to Participate at the William Blair Biotech Focus Conference 2020

On July 30, 2020 Neurocrine Biosciences, Inc. (Nasdaq: NBIX) reported that it will participate at the William Blair Biotech Focus Conference 2020 at 12:00 p.m. ET on Thursday, August 6, 2020 (Press release, Neurocrine Biosciences, JUL 30, 2020, View Source [SID1234563736]). Kyle Gano, Chief Business Development and Strategy Officer, will participate in a panel session titled "New Therapies Impacting the Epilepsy Treatment Landscape" at the conference.

The live presentation will be webcast and may be accessed on the Company’s website under Investors at www.neurocrine.com. A replay of the presentation will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

Eli Lilly crashes out of KRAS race as toxicity sees it ditch phase 1 effort

On July 30, 2020 Eli Lilly reported that it has quietly dropped its KRAS effort in cancer, leaving the door open for its rivals (Press release, Eli Lilly, JUL 30, 2020, View Source [SID1234562735]).

Late last year, the U.S. Big Pharma started a phase 1 of its KRAS inhibitor LY3499446 in patients with "advanced solid tumors" with the KRAS G12C mutation. KRAS inhibition became the most talked about cancer target last year, with Amgen causing waves with some impressive data in certain tumors (though not in all).

But nine months after starting that test, it looks as if Lilly is walking away from this potential marker, with its KRAS G12C inhibitor now "removed" from its pipeline, according to its latest R&D update posted today. A spokesperson for Lilly told FierceBiotech the reason was safety: "We observed unexpected toxicity in the clinic that precluded further development of LY3499446 and are winding down the trial."

If it is indeed now dead in the water, this lessens the potential competition for Amgen, which said in its financials this week that its KRAS drug AMG 510 (now known as sotorasib) is still on track to deliver data from a potentially pivotal phase 2 monotherapy study in patients with advanced non-small cell lung cancer in the coming months, despite ongoing pandemic disruptions to trials.

It also bodes well for Mirati, Trovagene (now Cardiff Oncology) and Boehringer Ingelheim, all of which have their own efforts in KRAS, with Mirati and Amgen leading the pack. Johnson & Johnson also has a KRAS drug in trials, but recently stopped recruiting.

The drug had been put under the guise of Loxo Oncology at Lilly, the new cancer R&D unit created last year after its buyout of Loxo.

Geron to Announce Second Quarter Financial Results on August 6, 2020

On July 30, 2020 Geron Corporation (Nasdaq: GERN) reported that it will release its second quarter 2020 financial results after the market closes on Thursday, August 6, 2020 via press release, which will be available on the Company’s website at www.geron.com/investors (Press release, Geron, JUL 30, 2020, View Source [SID1234562650]). Geron will host a conference call to discuss the financial results as well as recent events at 4:30 p.m. ET the same day.

A live, listen-only webcast will be available on the Company’s website at www.geron.com/investors/events. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for 30 days.

Participants may access the conference call live via telephone by dialing domestically +1 (888) 869-1189 or internationally +1 (706) 643-5902. The conference ID is 8496138. To minimize potential registration and access delays, Geron has implemented Direct Event, which allows participants to pre-register online using the following link, View Source Upon registration, a Direct Event Passcode and unique Registrant ID will be sent via email and will be needed in order to enter the conference call. Participants are advised to pre-register at least 10 minutes prior to joining the call.