PDL BioPharma Inc (NASDAQ: PDLI) is having an incredibly strong start to the trading session today, and for good reason. Word is circulating that the company’s dispute with Merck & Co. As a result, investors got excited and sent the stock upward. As is nearly always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:48), PDLI is trading at $2.09 per share after a gain of $0.07 per share or 3.47% thus far today.
MRK Settles With PDLI
As mentioned above, PDL BioPharma is having a strong day in the market today after news started to surface regarding a settlement between the company and Merck. The settlement surrounded Keytruda skin-cancer treatment. This treatment infringed on PDLI intellectual property. As a result, MRK has agreed to pay PDLI a lump sum of $195 million in a settlement. In a statement, John McLaughlin, CEO at PDL BioPharma had the following to offer…
“We are pleased to resolve this patent infringement lawsuit with Merck with a favorable monetary settlement to PDL as well as eliminating future litigation costs related to this matter for both parties.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PDLI. In particular, we’re interested in how it intends on using the sum to be paid by MRK. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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