Merrill maintains PDL BioPharma at buy

PDL BioPharma Inc. was maintained by Merrill Lynch analyst Tom Mcgahren at buy. The company will receive royalties (about 3%) on sales of Biogen IDEC's Tysabri humanized antibody, if, as expected, it is relaunched for the treatment of multiple sclerosis following the favorable Food and Drug Administration panel. Merrill's royalty model for PDL assumed a relaunch with peak Tysabri sales of about $750 million, with royalties of about $20 million to $23 million at peak to PDL. The analyst estimates that every additional $100 million of Tysabri sales would mean about two cents of earnings per share to PDL. Shares of the Fremont, Calif., biopharmaceutical company were down 27 cents, or 0.82%, at $32.50 on volume of 4,069,133 shares versus the three-month running average of 1,425,100 shares. (Nasdaq: PDLI)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.