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PDL BioPharma Completes Second Tranche Payment Under Royalty Transaction with ARIAD Pharmaceuticals

INCLINE VILLAGE, Nev., Aug. 1, 2016 /PRNewswire/ -- PDL BioPharma, Inc. (PDL or the Company) (NASDAQ: PDLI) today announced that it has funded the second tranche of $50 million to ARIAD Pharmaceuticals, Inc. (ARIAD) (NASDAQ: ARIA) which was due on the first anniversary of the closing date under the terms of the ARIAD Royalty Agreement. This agreement was entered into in July 2015, in exchange for royalties on the net revenues of Iclusig® (ponatinib). As a result of the second tranche payment, under the terms of the ARIAD Royalty Agreement, PDL's royalty percentage will increase to 5.0% of the U.S. and European net revenues of Iclusig and 5.0% of the payments ARIAD receives elsewhere in the world until December 31, 2018 (subject to agreed-upon annual maximum payments). Beginning January 1, 2019 and thereafter, the royalty rate will increase to 6.5% in all...