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PDLI

PDL BioPharma

$2.96

-0.035 (-1.17%)

, EVFM

Evofem

$6.88

0.455 (7.09%)

08:33
12/09/19
12/09
08:33
12/09/19
08:33

PDL BioPharma completes strategic review, to initiate new process

PDL BioPharma (PDLI) announced that it has completed the strategic review process that it initiated in September. As a result, the company has decided to halt the execution of its growth strategy, cease additional strategic investments and pursue a formal process to unlock value by monetizing the company's assets and returning net proceeds to shareholders. The process will be led by PDL's management team and overseen by a newly formed committee of its board. PDL will explore a variety of potential transactions, including a sale of the company, divestiture of its assets or businesses, a spin-off transaction, a merger or a combination thereof. Net proceeds obtained from any such transaction will ultimately be distributed to PDL's shareholders in the form of share repurchases, dividends or other means to be determined. The process will be conducted in a "disciplined and cost-effective" manner that seeks to maximize returns to shareholders. The company has not yet established a definitive timeframe for completing this process. As it implements the plan described above, PDL will continue to support the continued growth of LENSAR and the development of its second-generation technology. PDL believes Evofem (EVFM) is well-positioned for continued success and is confident in the value of its investment in that company. The company noted that there can be no assurance that one or more transactions will result from this process. PDL does not intend to comment further on the process unless and until it determines that it is necessary or appropriate to do so. In conjunction with the announcement, PDL's board has authorized the repurchase of issued and outstanding shares of the company's common stock and convertible notes up to an aggregate value of $200M.

PDLI

PDL BioPharma

$2.96

-0.035 (-1.17%)

EVFM

Evofem

$6.88

0.455 (7.09%)

PDLI PDL BioPharma
$2.96

-0.035 (-1.17%)

04/12/19
OPCO
04/12/19
NO CHANGE
Target $11
OPCO
Outperform
Evofem price target raised to $11 from $9 at Oppenheimer
Oppenheimer analyst Leland Gershell raised his price target for Evofem Biosciences (EVFM) to $11 from $9 following yesterday's announcement of the securities purchase agreement with PDL BioPharma (PDLI), which he says cures a significant financing overhang on favorable terms, mitigates uncertainty around U.S. commercial economics, and provides validation by a well-regarded strategic healthcare investor. He maintains an Outperform rating.
04/12/19
CANT
04/12/19
NO CHANGE
Target $9
CANT
Overweight
Evofem financing removes near-term capital concerns, says Cantor Fitzgerald
Cantor Fitzgerald analyst Matthew Lillis believes Evofem Biosciences' (EVFM) financing agreement for up to $80M, including a strategic investment from PDL BioPharma (PDLI), removes near-term capital concerns. Further, it positions Evofem well to execute other pieces of its long-term financing strategy, which may involve sources of non-dilutive capital that could further benefit shareholders, Lillis tells investors in a research note. He reiterates an Overweight rating on the shares with a $9 price target.
EVFM Evofem
$6.88

0.455 (7.09%)

01/07/19
HCWC
01/07/19
NO CHANGE
Target $12.5
HCWC
Buy
Evofem price target raised to $12.50 from $11 at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Evofem Biosciences to $12.50 after the Ampower pivotal trial met its primary endpoint. The results demonstrate that when Amphora is used as directed, the efficacy in which women can have confidence is similar to other frequently-used contraceptive methods, says the analyst. He reiterates a Buy rating on Evofem.
10/16/19
CANT
10/16/19
INITIATION
Target $9
CANT
Overweight
Evofem assumed with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen assumed coverage of Evofem with an Overweight rating and $9 price target. The market opportunity for the company's Amphora is underappreciated, Chen tells investors in a research note. Amphora could be: a first-in-class hormone-free birth control that also improves sexual satisfaction, says the analyst. She believes now is a good time to take another look at Evofem shares ahead of the Phase 2b trial results in November.

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