INCLINE VILLAGE, Nev., June 19, 2012 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that Genentech has notified PDL that Pertuzumab, brand name Perjeta®, is a licensed product. PDL will receive royalties on sales of Perjeta in the quarter following the first quarter of Perjeta sales in accordance with Genentech's license agreements with PDL. Based on Genentech's public statements, PDL anticipates Perjeta will enter the market later this month.
About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new revenue generating assets and maximizing the value of its patent portfolio and related assets. For more information, please visit www.pdl.com.NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc. Forward-looking Statements This press release contains forward-looking statements. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Factors that may cause differences between current expectations and actual results include, but are not limited to, the following:
- The expected rate of growth in Perjeta sales by Genentech;
- The relative mix of Perjeta manufactured and sold outside the U.S. versus made or sold in the U.S.;
- The ability of our licensee to launch Perjeta and be commercially successful;
- The outcome of pending litigation or disputes;
- The change in foreign currency exchange rate; and
- The failure of Genentech to comply with existing license agreements, including any failure to pay royalties due.