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PDL BioPharma Sets Another Asset Sale

The biotech firm plans to sell its antibody manufacturing plant for $240 million.

PDL BioPharma (PDLI) - Get Free Report said Thursday that it will sell its antibody manufacturing facility to Danish biotechnology company Genmab for $240 million, its latest step to unload assets.

Genmab said the facility, in Brooklyn Park, Minn., will allow it to simultaneously manufacture multiple antibody products, making it possible to transition three antibodies from research to manufacturing per year. The deal includes land, equipment and access to a leased space that houses a development label.

PDL put itself on the

selling block last fall and has been selling assets ever since. Earlier this month, the company said it would sell the rights to its

cardiovascular products to private specialty pharmaceutical company EKR Therapeutics for $85 million upfront and $85 million in potential milestones. And in December, PDL sold its Busulfex IV product to Japan's Otsuka Pharmaceutical for $200 million.

All three deals, including Thursday's Genmab deal, are expected to close in the first quarter.

"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.

PDL's shares were up 7 cents, or 0.5%, at 15.74 in morning trading.