Why Shares of PDL BioPharma Are Soaring Today
Shares of PDL BioPharma (NASDAQ: PDLI) were soaring 22.2% higher as of 11:28 a.m. EST on Monday. The surge came after the company announced the completion of its strategic review process. PDL said that it planned to "halt the execution of its growth strategy, cease additional strategic investments, and pursue a formal process to unlock value by monetizing the Company's assets and returning net proceeds to shareholders."
The future for PDL BioPharma has been cloudy ever since the company's patent royalties expired a few years ago for several top-selling drugs, including Biogen's multiple sclerosis drug Tysabri. PDL set out on a strategy to invest in other drugmakers with the hopes that those investments would pay off for shareholders.
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Source Fool.com
