PDL BioPharma, Inc. completed the Spin-Off of LENSAR, Inc..
October 30, 2020
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The management Board of PDL BioPharma, Inc. (NasdaqGS:PDLI) announced the spin off of its stake in LENSAR, Inc. to the shareholders of PDL BioPharma, Inc. on July 17, 2020. PDL stockholders will receive 0.075879 shares of LENSAR common stock for every one share of PDL common stock held by such holders (after giving effect to a one-for-nine reverse split of LENSAR's common stock effected on September 9, 2020). For 2019, LENSAR's net sales were $30.5 million. LENSAR, Inc. submitted a registration statement on Form 10 to the Securities and Exchange Commission relating to a potential spin-off of LENSAR as a stand-alone publicly traded company. The record date for the transaction is September 22, 2020. PDL BioPharma, Inc.'s management and Board of Directors continue to explore all strategic alternatives for LENSAR with a focus on optimizing value for PDL BioPharma, Inc.'s stockholders. The Board of Directors intends to make a decision regarding the spin-off within the next few weeks. As of September 22, 2020, the Board of PDL BioPharma, Inc., has approved. As of September 20, 2020, the transaction is expected to complete on October 1, 2020. SVB Leerink acted as financial advisor for PDL BioPharma, Inc.
PDL BioPharma, Inc. (NasdaqGS:PDLI) completed the spin off of its stake in LENSAR, Inc. to the shareholders of PDL BioPharma, Inc. on October 1, 2020. As of September 30, 2020, separation and distribution agreement was signed.
LENSAR, Inc. is a commercial-stage medical device company. The Company is focused on designing, developing, and marketing a femtosecond laser system for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Its product portfolio consists of the LENSAR Laser System and ALLY Adaptive Cataract Treatment System (ALLY System) and its associated consumable components. The system incorporates a range of technologies designed to assist the surgeon in obtaining visual outcomes. The consumable portion of the system consists of a disposable patient interface device kit. The ALLY System is designed to combine its femtosecond laser technology features with enhanced laser capabilities into a single small unit that allows surgeons to perform a femtosecond laser assisted cataract procedure in a single operating room or in-office surgical suite. Its system is used across surgeons, hospital outpatient surgical facilities and ambulatory surgery centers.
LENSAR, INC. 
