PDL declares special $500M dividend to shareholders
US drugmaker PDL BioPharma's board of directors has declared a special cash dividend of $4.25 per share of common stock, payable to stockholders of record on May 5, 2008, using proceeds from recent asset sales and decided to spin off its biotechnology operations from its antibody humanization royalty assets. PDL declared the special cash dividend following receipt of the proceeds from the recent sale of its commercial and cardiovascular products, and its biologics manufacturing facility. In total, PDL will distribute $502.0 million to stockholders.
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