INCLINE VILLAGE, Nev., Sept. 10, 2020 /PRNewswire/ --PDL BioPharma, Inc. ("PDL" or the "Company") (NASDAQ:PDLI) announced that its Board of Directors has approved the separation of LENSAR, Inc. ("LENSAR"), a majority owned subsidiary of PDL, from PDL in the form of a dividend involving the distribution of all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock. Under the terms of the distribution:
- LENSAR common stock is expected to be distributed on October 1, 2020 to PDL stockholders of record as of 5:00 p.m. Eastern Time on September 22, 2020, the record date for the distribution.
- PDL stockholders will receive 0.075879 shares of LENSAR common stock for every one share of PDL common stock held by such holders (after giving effect to a one-for-nine reverse split of LENSAR's common stock effected on September 9, 2020).
"The decision by the PDL Board of Directors to spin off LENSAR is the result of the comprehensive strategic process conducted in partnership with our financial advisors at SVB Leerink," commented Dominique Monnet, PDL's President and Chief Executive Officer. "We are excited about LENSAR's growth potential as an innovation leader in cataract surgery and its opportunities as a well-capitalized, publicly traded company."
"PDL has been an incredibly supportive parent to LENSAR at a critical time during the execution of our growth strategy," said Nicholas T. Curtis, LENSAR's Chief Executive Officer. "We believe the decision to fund the development of our GEN2 device ALLY™ will prove to have long-term impact on the way cataract surgery is thought of and performed globally. We are excited to move forward and take the company to the next level as an independent company with the aspiration of becoming the technology leader in both the premium and conventional cataract surgery markets."
Immediately after the distribution is completed, LENSAR will be an independent, publicly traded company, and "regular-way" trading of LENSAR's common stock will begin the first trading day after the completion of the distribution. The LENSAR stock is expected to be listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "LNSR."
SVB Leerink is serving as financial advisor to PDL in connection with the spin-off of LENSAR.