# PDL BioPharma > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/PDL_BioPharma > Markdown URL: https://mediated.wiki/source/PDL_BioPharma.md > Source: https://en.wikipedia.org/wiki/PDL_BioPharma > Source revision: 1357094187 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Infobox company | | name = PDL BioPharma | logo = | type = Public | traded_as = {{NASDAQ|PDLI}}
[Russell 2000 Component](/source/Russell_2000_Index) | founded = | location = | key_people = John McLaughlin ([CEO](/source/CEO))
[Peter Garcia](/source/Peter_Garcia) ([CFO](/source/Chief_Financial_Officer))
Cary Queen (Founder, former vice-president in charge of research)
Laurence J. Korn (Founder, former president) | industry = [Biotechnology](/source/Biotechnology) | products = | revenue = $590.4 million (2015){{cite web|url=http://investor.pdl.com/releasedetail.cfm?ReleaseID=956199|title=PDL BioPharma Announces Fourth Quarter and Full Year 2015 Financial Results (NASDAQ:PDLI)|publisher=}} | operating_income = | net_income = | assets = | equity = | num_employees = | website = {{URL|http://pdl.com/}} }} '''PDL BioPharma''' (known as '''Protein Design Labs''' prior to 2006) is a publicly traded American [holding company](/source/holding_company) that since 2008 manages patents and other intellectual property that had been generated by the company.[https://web.archive.org/web/20160809081509/http://investing.businessweek.com/Research/stocks/snapshot/snapshot_article.asp?ticker=PDLI Bloomberg company profile] Page accessed May 31, 2016Peter Kolchinsky for In Vivo. July/August 2011 [http://www.racap.com/wp-content/uploads/2015/07/LastingPeace_IV1107_web-2.pdf How To Create A Lasting Peace Between Biotech Management, Shareholders And Employees] In 2008 in response to shareholder pressure, PDL spun out its active development programs to a company called '''Facet Biotech''' that it capitalized with $400 million.John Carroll for FierceBiotech. 2009 [http://www.fiercebiotech.com/special-report/emerging-drug-developer-facet-biotech Emerging Drug Developer: Facet Biotech][https://www.sec.gov/Archives/edgar/data/882104/000110465908078237/a08-30875_18k.htm PDL BioPharma, Inc. Form 8-K] December 17, 2008 Protein Design Labs, founded in 1986 by cell biologist Laurence J. Korn and mathematician Cary Queen,https://www.fool.com/investing/high-growth/2007/09/28/interview-with-pdl-co-founder-cary-queen aspx was a pioneer in [humanizing](/source/humanized_monoclonal_antibody) [monoclonal antibodies](/source/monoclonal_antibodies). Its humanization technology was used in several monoclonal antibody drugs under licensing and collaboration agreements; such products included [trastuzumab](/source/trastuzumab) (Herceptin), [bevacizumab](/source/bevacizumab) (Avastin), and [palivizumab](/source/palivizumab) (Synagis).{{cite journal | last1 = Thiel | first1 = KA | date = Oct 2005 | title = A very firm handshake: biotech's growing negotiating power | url = | journal = Nat Biotechnol | volume = 23 | issue = 10| pages = 1221–6 | pmid = 16211058 | doi = 10.1038/nbt1005-1221 }} It held its initial public offering in 1992Staff, New York Times. January 30, 1992 [https://www.nytimes.com/1992/01/30/business/finance-briefs-510792.html Finance Briefs] and by 1994 it had 13 compounds in its pipeline, and had partnered its lead product, the humanized monoclonal antibody [daclizumab](/source/daclizumab), with [Roche](/source/Hoffmann-La_Roche) under a license that called for a 15% royalty.The Pharma Letter. July 25, 1994 [http://www.thepharmaletter.com/article/protein-design-rising-star-in-a-depressed-sector Protein Design: Rising Star In A Depressed sector?] Daclizumab became the first humanized monoclonal antibody approved for human use in 1997.Lawrence M. Fisher for The New York Times. December 12, 1997 [https://www.nytimes.com/1997/12/12/us/genetically-engineered-drug-approved-for-kidney-transplants.html Genetically Engineered Drug Approved for Kidney Transplants] PDL made another public offering in 2000, at the peak of the biotech IPO window that ran from 1998 to 2001.{{cite journal | last1 = Wiechers | first1 = IR | last2 = Perin | first2 = NC | last3 = Cook-Deegan | first3 = R | date = Sep 2013 | title = The emergence of commercial genomics: analysis of the rise of a biotechnology subsector during the Human Genome Project, 1990 to 2004 | journal = Genome Med. | volume = 5 | issue = 9| page = 83 | pmid = 24050173 | doi = 10.1186/gm487 | doi-access = free | pmc = 3971346 }} In 2003 it settled litigation with [Genentech](/source/Genentech) over royalty payments owed to PDL under their license agreement; annual royalties were anticipated at that time to be around $90M per year.Times Wire Services in the Los Angeles Times. December 02, 2003 [https://www.latimes.com/archives/la-xpm-2003-dec-02-fi-genentech2-story.html Genentech to Pay Royalties in Patent Dispute] These are the kinds of intellectual property and license agreements that PDL manages on behalf of its shareholders since 2008; in 2007 those royalty payments were around $220 million. One of the development programs that PDL had transferred to Facet was the use of daclizumab in indications it had never licensed to Roche, including [multiple sclerosis](/source/multiple_sclerosis). Facet partnered that development program with [Biogen Idec](/source/Biogen_Idec) which attempted a hostile buy out of Facet for $350M in 2009;Luke Timmerman for Xconomy. September 4, 2009 [http://www.xconomy.com/boston/2009/09/04/biogen-idec-makes-hostile-350m-takeover-bid-for-facet-biotech/ Biogen Idec Makes Hostile $350M Takeover Bid for Facet Biotech] Facet rejected that offer and was purchased by [Abbvie](/source/Abbvie) for $450 million in cash the next year.Staff, New York Times Dealbook. March 9, 2010. [https://dealbook.nytimes.com/2010/03/09/abbott-to-buy-facet-biotech-for-67-premium/ Abbott to Buy Facet Biotech for 67% Premium] The FDA approved daclizumab for multiple sclerosis in 2016 under the trade name Zinbryta.[https://web.archive.org/web/20160529120600/http://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm504000.htm FDA News Release: FDA approves Zinbryta to treat multiple sclerosis] May 27, 2016 PDL Biopharma has filed for a liquidation under Delaware Law that was effective January 7, 2021. The liquidation plan was approved by shareholders in October 2020. ==References== {{reflist|2}} ==External links== * [http://pdl.com/ Official website] Category:Biotechnology companies of the United States Category:Life sciences industry --- Adapted from the Wikipedia article [PDL BioPharma](https://en.wikipedia.org/wiki/PDL_BioPharma) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/PDL_BioPharma?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.