PDL BioPharma board OKs repurchase program for convertibles, stock

By Sarah Lizee

Olympia, Wash., Dec. 9 – PDL BioPharma, Inc. said its board of directors authorized the repurchase of issued and outstanding shares of the company's common stock and convertible notes up to an aggregate value of $200 million.

PDL engaged BofA Securities Inc. to assist in this repurchase program.

Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by PDL's management.

The repurchase program does not obligate PDL to acquire any specific number of shares or notes and may be suspended or terminated at any time.

PDL is an Incline Village, Nev., biopharmaceutical company.

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