PDL BioPharma, Inc. has signed a definitive agreement to sell its wholly owned subsidiaries Noden Pharma DAC and Noden USA (collectively Noden) to Stanley Capital in a transaction of up to $48.25 million in cash. The transaction is expected to close in August 2020, subject to certain customary closing conditions.

"Entering into this transaction for the sale of Noden to Stanley Capital represents another significant step in the execution of our monetization strategy," commented PDL's President and CEO Dominique Monnet.  "We thank Alan Markey and the Noden team for their dedication and service, and we wish Noden and Stanley Capital much success."

Simon Cottle, Partner at Stanley Capital, said, "The acquisition of Noden is the culmination of years of thematic research into the specialty pharmaceuticals sector, which identified the company as a strong buy and build platform. We look forward to working with Noden's excellent management team and our industry advisors to build the company into a leading pharma platform, providing essential treatments for patients with unique and difficult to treat conditions."