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PDL BioPharma Announces Fourth Quarter and Full Year 2012 Financial Results
Date:3/1/2013

December 31, 2011.  The reduction in cash relates primarily to the Company's income generating asset transactions, repayment of the Company's non-recourse notes and dividend payments.

Recent DevelopmentsKadcyla™ or T-DM1, a New Royalty-Bearing Product of PDLOn February 22, 2013, Genentech announced that the U.S. Food and Drug Administration (FDA) approved Trastuzumab emstansine (T-DM1), now named Kadcyla.  Kadcyla was approved for second line treatment of HER2+ metastatic breast cancer and first line treatment for those patients who relapse within six months following adjuvant therapy. Roche has submitted a Marketing Authorization Application to the European Medicines Agency (EMA) for the same indication. Kadcyla is a licensed product of Genentech and has been priced at $9800 per month. PDL expects to receive royalties on sales of Kadcyla in the quarter following the first quarter of sales in accordance with Genentech's license agreements with PDL.

Avastin, a Royalty-Bearing Product of PDLIn October, Genentech and Roche announced that the European Commission approved Avastin in combination with standard chemotherapy (carboplatin and gemcitabine) as a treatment for women with first recurrence of platinum-sensitive ovarian cancer. In November, the European Medicines Agency adopted a positive opinion regarding the use of Avastin in second-line metastatic colorectal cancer.  Also in November, additional details were announced regarding Phase 3 patients with newly diagnosed glioblastoma, who were treated with Avastin plus radiation and chemotherapy, which showed an increase in progression-free survival of 36 percent when compared to radiation and chemotherapy.

Obinutuzumab, a Potential Royalty-Bearing Product of PDLIn January, Genentech announced Phase 3 results from an obinutuzumab (GA101) trial showing a significant improvement in progression-free survival in people with chronic lymphocytic leukemia (CLL).&
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SOURCE PDL BioPharma, Inc.
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