PDL BioPharma Files With SEC For Potential Spin-Off of Lensar

PDL BioPharma announced that its majority owned medical device subsidiary, Lensar, has filed a registration statement on Form 10 with the Securities and Exchange Commission (SEC) relating to a potential spin-off of Lensar from PDL. 

“Preparations for a spin-off of Lensar to PDL’s stockholders are proceeding well,”  Dominique Monnet, PDL’s President and Chief Executive Officer, said in a company news release. “PDL’s management and Board of Directors continue to explore all strategic alternatives for Lensar with a focus on optimizing value for PDL’s stockholders. The Board of Directors intends to make a decision regarding the spin-off within the next few weeks. If we were to move forward with a spin-off, we believe Lensar would be well positioned to be distributed to our stockholders as an independent, publicly traded company, to resume its pre-COVID-19 growth trajectory and to pursue the development and launch of its next-generation system, ALLYÔ. We have full confidence in the management of Lensar and in the company’s potential as an innovation leader in cataract surgery.”

In the event the spin-off is consummated, Lensar has applied to list shares of its common stock on the NASDAQ stock market under the ticker symbol “LNSR.” The spin-off would be subject to customary conditions, including effectiveness of the registration statement on Form 10 filed by Lensar with the SEC and final approval by PDL’s Board of Directors.