PDL BioPharma - Evofem shares distributed and Phexxi approved

PDL distributed its 26.7% Evofem stake to shareholders on 21 May 2020, just before the 22 May 2020 FDA approval for Evofem’s hormone-free contraceptive gel, Phexxi (the PDUFA date was 25 May). The timing of the distribution allowed investors the ability to decide whether or not to hold through the PDUFA and also provided a liquidity event to sell shares, if desired. Additionally, there will be a virtual shareholder meeting on July 16, 2020 at which shareholders will vote on the dissolution plan for the company. Ultimately, PDL believes that shareholders will receive between $3.00 and $6.00 per share once assets (including Evofem) are fully monetized.