Protein Design Labs, Inc. has announced the change of name to PDL BioPharma, Inc. to better reflect its status as a commercial company focused on discovering, developing and marketing innovative therapies for severe or life threatening illnesses.
"Over the last several years, we have fundamentally changed the company through accomplishments aimed at accelerated commercial capabilities," said Mark McDade, Chief Executive Officer, PDL BioPharma.
"As a result, we are now a hospital-focused, fully-integrated biopharmaceutical company with multiple marketed products, important royalty-bearing agreements based on our humanized antibody platform and a diverse later-stage product pipeline focused primarily on acute and life threatening diseases."
"We believe we are well positioned to bring novel therapies to patients in need, and expect to perform on a high growth pace over the next five years. Importantly, we also expect to be cash flow positive on a full-year basis for 2006."
The transition to the new name coincides with the integration of ESP Pharma, Inc. into PDL BioPharma.
ESP Pharma had been operating as a wholly- owned subsidiary of Protein Design Labs since its acquisition in the first quarter of 2005.
The ESP Pharma acquisition enabled PDL to reach its commercialization goal two years ahead of schedule.
PDL has grown its hospital- focused sales and operations team in North America to approximately 125 people, an increase of about 40 sales representatives, since the March 2005 acquisition.
Later this week, PDL BioPharma also will be introducing "Vision 2010," a five-year strategic plan to achieve continued growth.
CEO Mark McDade will discuss "Vision 2010" on January 11 during his presentation at the JPMorgan 24th Annual Healthcare Conference in San Francisco.