PDL BioPharma, Inc. completed the spin-off 26.8% stake in Evofem Biosciences, Inc. for $67 million.
May 20, 2020
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PDL BioPharma, Inc. (NasdaqGS:PDLI) announced the spin-off 26.8% stake in Evofem Biosciences, Inc. (NasdaqCM:EVFM) for $70.4 million on May 5, 2020. Pursuant to the terms of the transaction, PDL BioPharma, Inc., will distribute all of its 13.33 million shares in Evofem Biosciences, Inc., via a special one-tine dividend to PDL BioPharma, Inc., stockholders. The distribution will take place in the form of a pro rata common stock dividend of shares of Evofem Biosciences, Inc., to each PDL BioPharma, Inc., stockholder of record on the record date. PDL BioPharma, Inc., estimates that PDL BioPharma, Inc., stockholders will receive approximately 0.115 shares of Evofem Biosciences, Inc., common stock for each share of PDL BioPharma, Inc., common stock held as of the close of business on the record date. The final distribution ratio will be determined based on the number of PDL BioPharma, Inc., common shares outstanding on the record date. None of the distributed Evofem Biosciences, Inc., shares will be subject to any lockup period for PDL BioPharma, Inc., stockholders. No fractional shares of Evofem Biosciences, Inc., common stock will be distributed, instead, PDL BioPharma, Inc., stockholders will receive cash in lieu of any fraction of a share of Evofem Biosciences, Inc., common stock that they otherwise would have received.
The record date for the distribution is May 15, 2020. No vote or action is required by PDL BioPharma, Inc., stockholders in order to receive the distribution of shares of Evofem Biosciences, Inc., common stock. The transaction is subject to certain conditions. The Board of Directors of PDL BioPharma, Inc., approved the transaction on May 5, 2020. Evofem Biosciences, Inc., shares will be distributed on May 21, 2020.
PDL BioPharma, Inc. (NasdaqGS:PDLI) completed the spin-off 26.8% stake in Evofem Biosciences, Inc. (NasdaqCM:EVFM) for $67 million on May 21, 2020.
Evofem Biosciences, Inc. is a commercial-stage biopharmaceutical company. The Company is commercializing advanced products to address unmet needs in womenâs sexual and reproductive health. The Companyâs first FDA-approved product, Phexxi (lactic acid, citric acid, and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. Phexxi is an advanced gel that works to prevent pregnancy without the use of hormones. Phexxi prevents pregnancy by reducing sperm motility, inhibiting sperm from reaching the ovum to form a zygote. Phexxi is designed to address underserved and unmet needs in the birth control market. Additionally, the Company offers women direct access to Phexxi through its telehealth partner. Using this platform, women can have a telehealth visit with a health care provider (HCP) to determine their eligibility for a Phexxi prescription.
EVOFEM BIOSCIENCES, INC. 
