Protein Design Labs becomes PDL BioPharma

By Lisa Kerner

Erie, Pa., Jan. 9 - Protein Design Labs, Inc. announced that the company now will be known as PDL BioPharma, Inc. The name change was made to better reflect the company's focus on discovering, developing and marketing innovative therapies for severe or life threatening illnesses, according to a company news release.

The company will continue to be traded on the Nasdaq stock market under the ticker symbol PDLI.

"Over the last several years, we have fundamentally changed the company through accomplishments aimed at accelerated commercial capabilities. As a result, we are now a hospital-focused, fully-integrated biopharmaceutical company with multiple marketed products, important royalty-bearing agreements based on our humanized antibody platform and a diverse later-stage product pipeline focused primarily on acute and life threatening diseases," said Mark McDade, PDL BioPharma's chief executive officer, in a news release.

The transition to the new name coincides with the integration of ESP Pharma, Inc. into PDL BioPharma. ESP Pharma had been operating as a wholly-owned subsidiary of Protein Design Labs since its acquisition last year. The ESP Pharma acquisition enabled PDL to reach its commercialization goal two years ahead of schedule, the company said.

PDL BioPharma, Inc. is a biopharmaceutical company that markets and sells a portfolio of products in the acute-care hospital setting in the United States and Canada. The Fremont-Calif.-based company generates royalties through licensing agreements with top-tier biotechnology and pharmaceutical companies based on its humanized antibody technology.

© 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.