PDL off after cardiovascular deal

PDL (NASDAQ:PDLI) was off $0.85 to $14.23 on Tuesday after announcing late Monday that it agreed to sell its cardiovascular products to EKR (Cedar Knolls, N.J.) for $85 million in cash. The deal includes marketed products Cardene IV nicardipine and Cardene SR for hypertension and Retavase reteplase to treat acute myocardial infarction. EKR also will gain rights to new formulations of Cardene in development and to ularitide, a synthetic natriuretic peptide that has completed Phase II testing to treat acute decompensated heart failure.

PDL also is eligible to receive $85 million in milestones and 10% royalties for new formulations of Cardene, and 5% royalties for ularitide. At Sept. 30, PDL had 12-month sales of $143.9 million for its Cardene products and $21.6 million for Retavase. In October, PDL announced plans to seek offers to acquire the company as a whole or its key assets (See BioCentury Extra, Monday, Oct. 01, 2007). ...