A biopharmaceutical company focused on discovering, developing and commercializing innovative therapies for severe or life-threatening illnesses.
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From Seekingalpha,
"This biotech play has seen better days. Shares traded above $30 back in 2006, but now trade for less than $5. Klarman originally owned this stock back in 2008, but sold off his stake in the summer of 2009 at a loss. Shares have drifted yet lower since then, leading Klarman to jump back in, buying 5.6 million shares in the last quarter, which are currently worth about $30 million.
PDL holds the patent to a number of antibody technologies that are used by other drug companies with their drugs. Klarman's latest buy comes at a time when the company is pursuing a potentially large legal settlement. PDL is seeking unpaid royalties from Roche's Genentech division. Some suspect that Genentech may be liable for hundreds of millions in royalty payments if PDL prevails in a current lawsuit.
Besides this potentially big upside event, PDL typically generates $300 to $400 million a year in sales and earns roughly $1 a share. Not bad for a $5 stock. Shares are so cheap because PDL's key intellectual property rights will lose patent protection in 2014. To offset that cliff, the company is working on a range of new drugs that are currently undergoing clinical trials.
Shares are also being discounted after PDL agreed to pay"