PDL currently trades at around $6.20, $6.30, $6.50 a share and that's after we paid out just about $4 in dividends since 2009. So there has been a significant amount of shareholder value creation, considerably more than we anticipated.
Sapna Srivastava - Goldman Sachs
And can you help us describe the current status of the company and with the Queen's patent going off in 2014. And you've spoken a lot about trying to do smaller acquisitions. How should we think about PDLI ahead of 2014? Or will there be a PDLI ahead of 2014?
John McLaughlinSure. So our patents do expire towards the end of 2014, in December. We'll probably get paid for a while longer on our royalties because product that's made while the patents are still extant [ph]. Even if it's sold afterwards we still get paid and as you well know it takes seven, eight months to make an antibody. That's why they call it campaigns to make them. So we'll probably get paid through 2015, maybe even into 2016 or thereabouts. Sapna Srivastava - Goldman Sachs At the same royalty rate. John McLaughlin Correct. But to the point of your question, at a certain point that inventory will expire. It will be used all up. And our shareholder base is about 80% dividend-sensitive. And so they've come to us and said, look, we like the fact that you are paying about a $0.60 dividend on a stock that trades for around $6. That's yield depending on the share price kind of bounces between 9% and 11%. In today's yield-hungry market is there any way to keep that going? So what we have done is we've looked out to commercial stage companies as well as universities to see if there are royalties we can buy from them. In some cases we create synthetic royalties. So interestingly enough a group of companies that we've had some conversations with are commercial stage companies where you would say to yourself, a public commercial stage company, if they have to raise capital they should be able to do it. But some of those have seen their share prices be down. They're not necessarily happy where their share prices are and so we engage in conversations with them. Potentially with either debt structures, security against their commercial assets. Or synthetic royalties. If they don't have a real royalty we will simply say, pay us back based on a couple of percent off your sales.
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