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PDL BioPharma Provides $70 Million in Financing to Durata Therapeutics
Date:11/6/2013

d to increase the availability of any "new antibacterial or antifungal drug for human use intended to treat serious or life-threatening infections, including those caused by an antibacterial or antifungal resistant pathogen, including novel or emerging infectious pathogens…."

The total financing of up to $70 million was provided pursuant to a credit agreement that included an initial $25 million in cash funded to Durata on October 31, 2013, and provides up to $45 million in additional funds to Durata, with $15 million of funding upon U.S. regulatory approval of dalbavancin, and the remaining $30 million funded within nine months after regulatory approval of dalbavancin, at Durata's election. 

"We are pleased to provide this non-dilutive financing to Durata.  Based upon our extensive due diligence, we believe that dalbavancin will be a medically and commercially significant product," said John P. McLaughlin, president and chief executive officer of PDL. "This deal with Durata marks the fourth transaction we have closed in recent weeks and, in doing so, we believe that we are securing measurable value for PDL and our stockholders."

"We are very pleased to announce this debt financing with PDL, which we believe further validates the opportunity Durata has with dalbavancin.   This structure provides Durata with operating capital now and the flexibility for future funding, without diluting our existing shareholders, something we find very valuable," said Paul R. Edick, chief executive officer of Durata. "With the strengthened balance sheet, we are able to enhance our existing pre-commercialization and planned launch activities,"  Mr. Edick continued.

About Durata Therapeutics, Inc.

Durata Therapeutics is a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute il
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SOURCE PDL BioPharma, Inc.
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