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PDL BioPharma President Presents At Goldman Sachs Annual Global Healthcare Conference (Transcript)

PDL BioPharma (PDLI)

Goldman Sachs 33rd Annual Global Healthcare Conference

June 7, 2012


John McLaughlin - President & CEO


Sapna Srivastava - Goldman Sachs


Sapna Srivastava - Goldman Sachs

Good morning and thanks for joining us. I'm Sapna Srivastava, Biotech analyst at Goldman Sachs. And it's my pleasure to host John McLaughlin from PDLI to be here. And before we start, I'm required to read this out loud. We are required to make certain disclosures on public appearances about Goldman Sachs relationship with companies that we discuss. The disclosures are related to (inaudible) banking relationships, conferences, compensation received or one person or more ownership. I'm prepared to read disclosures if anyone would like me to. However, these disclosures are available in our most recent report available to you as clients on (inaudible). In view of this non-Goldman Sachs personnel may not represent the company views.

Staying with that, I'll just it off. I guess the one thing I'll start off with, John, is just like you've been with the company and really seen the transition of taking it – somehow taking it apart, breaking apart the company to create shareholder value. Can you help us describe the (inaudible) which led to it and how effective do you think that value creation has been?

John McLaughlin

So, the thought process behind it was that there was a sizable royalty stream and there was an R&D operation and that they weren't being appropriately valued. And so we went through the exercise of splitting the company in two. We spun off the R&D operation (inaudible) Biotech. The royalty operation maintained the name PDL BioPharma. And if you look at the time of the split off both were trading someplace around $10 a share. Subsequent to the split off both were trading someplace – one was around $7 or $8 a share and the other was trading around $10 to $12 a share. And in fact the fastest piece of the operation eventually sold for around $27 a share.

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