INCLINE VILLAGE, Nev., Aug. 26, 2020 /PRNewswire/ --PDL BioPharma, Inc. ("PDL" or the "Company") (NASDAQ:PDLI) announces that its majority owned medical device subsidiary, LENSAR, Inc. ("LENSAR"), has filed a registration statement on Form 10 with the Securities and Exchange Commission relating to a potential spin-off of LENSAR from PDL.
"Preparations for a spin-off of LENSAR to PDL's stockholders are proceeding well," commented Dominique Monnet, PDL's President and Chief Executive Officer. "PDL's management and Board of Directors continue to explore all strategic alternatives for LENSAR with a focus on optimizing value for PDL's stockholders. The Board of Directors intends to make a decision regarding the spin-off within the next few weeks. If we were to move forward with a spin-off, we believe LENSAR would be well positioned to be distributed to our stockholders as an independent, publicly traded company, to resume its pre-COVID-19 growth trajectory and to pursue the development and launch of its next-generation system, ALLYÔ. We have full confidence in the management of LENSAR and in the company's potential as an innovation leader in cataract surgery."
In the event the spin-off is consummated, LENSAR has applied to list shares of its common stock on the NASDAQ stock market under the ticker symbol "LNSR." The spin-off would be subject to customary conditions, including effectiveness of the registration statement on Form 10 filed by LENSAR with the Securities and Exchange Commission and final approval by PDL's Board of Directors.
SVB Leerink is serving as financial advisor to PDL in connection with the proposed spin-off as well as other strategic options for LENSAR.