PDL BioPharma has inked a deal to sell its U.S. antibody manufacturing plant to Denmark's Genmab for $240 million. The deal--which will enable Genmab to transition three antibody products from research to manufacturing--covers a facility that can produce multiple antibodies as well as leased space for a development lab. And PDL will continue to obtain testing material from the plant. Genmab has tapped Torben Lund-Hansen to run the operation in Brooklyn Park, MN, where all 170 employees are being retained.
This deal is just the latest in a string of asset sales for PDL, which announced plans to maximize shareholder value last fall. Its cardiovascular products were acquired by EKR Therapeutics and Japan's Otsuka bought out Busulfex IV in December.
"We are pleased to enter into this agreement with Genmab, which we believe is the optimal transaction to fully realize the value of our biologics manufacturing facility. Importantly, it also represents another step in delivering on our commitment to maximize the value of PDL's assets for our stockholders, following on the recent sale of our commercial assets," said L. Patrick Gage, the company's interim chief executive.
- see this release
- and here's the report from The Street