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

That's been an atypical source. So if a year ago you had asked me where do you think you're going to be able to acquire some of these assets I would not necessarily have picked that group out. But it's interesting that it is a very receptive discussion right now. We also reach out to sort of the traditional folks. We have a couple of conversations going on with universities as well as one with a large pharma where they're looking to monetize an asset that's not core to their business. We have seen a couple more of those than we've seen in past years, particularly with all the M&A activity in big pharma where A buys B. They bought it for a bunch of products and in the mix is some royalty from something and they want to monetize it. In some cases, to defray [ph] their acquisition cost.

Sapna Srivastava - Goldman Sachs

Then we think about the different structures you're describing, what falls under it? What kind of – you described some companies, universities, big pharma. And I guess what are they trying to do? Are they trying to sell you a part of the royalty stream and so you have to – how does that get extended? What kind of revenue stream can it bring you?

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