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PDL BioPharma Enters into $51.4 Million Capital Provision Agreement with Epps Investments LLC Regarding PDL's Previously Announced Settlement Agreement with Wellstat


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RENO, Nev., Dec. 14, 2020 /PRNewswire/  PDL BioPharma, Inc. ( PDL or the Company ) (Nasdaq: PDLI) announces it has entered into a Capital Provision Agreement (the Agreement ) with Epps Investments LLC ( Epps ).  Under the terms of the Agreement, Epps will pay PDL $51,391,184 no later than December 31, 2020, in exchange for 100% of the payments or other property or value received by PDL on or after the date of the Agreement pursuant to the  settlement agreement (the Settlement Agreement ) with related entities of Defined Diagnostics, LLC (f/k/a Wellstat Diagnostics, LLC) ( Wellstat Diagnostics ) announced August 12, 2020, and the underlying claims resolved by the Settlement Agreement.  The Settlement Agreement resolved previously reported litigation relating to loans made to Wellstat Diagnostics by PDL.  PDL has agreed to reimburse Epps for certain of its expenses related to the Agreement. ....

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