Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 1, 2020 (the "Distribution Date"), PDL BioPharma, Inc. ("PDL" or the "Company") completed the previously announced separation of LENSAR, Inc. ("LENSAR") from the Company (the "Spin-Off") into a new, independent publicly traded company, through the distribution of all of the outstanding shares of LENSAR common stock, par value $0.01 (the "LENSAR Common Stock") held by the Company on a pro rata basis to the Company's shareholders of record as of the close of business on September 22, 2020 (the "Record Date"). Each holder of record of the Company's shares of common stock, par value $0.01 per share, received 0.075879 shares of LENSAR Common Stock for every one share of PDL common stock held at the close of business on the Record Date (the "Distribution"). In lieu of fractional shares, shareholders of the Company received cash. The Company distributed 8,667,397 shares of LENSAR Common Stock in the Distribution, which was effective at 5:00 p.m., Eastern Time, on October 1, 2020 (the "Effective Time"). As a result of the Distribution, LENSAR is now an independent public company and its common stock is listed under the symbol "LNSR" on the Nasdaq Stock Market.

Following the Distribution, the Company does not own any shares of LENSAR Common Stock and the Company will no longer consolidate LENSAR in its financial results. The Company's unaudited pro forma condensed consolidated financial information giving effect to the Distribution and related transactions is attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(b) Unaudited Pro Forma Financial Information

The unaudited pro forma condensed consolidated financial information of the Company giving effect to the Distribution and related transactions is attached hereto as Exhibit 99.1.



(d) Exhibits
Exhibit No.                                              Description
      99.1                Unaudited pro forma condensed consolidated financial information

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