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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 10, 2020

PDL BioPharma, Inc.

(Exact name of Company as specified in its charter)

000-19756
(Commission File Number)
Delaware94-3023969
(State or Other Jurisdiction of Incorporation)(I.R.S. Employer Identification No.)

932 Southwood Boulevard
Incline Village, Nevada 89451
(Address of principal executive offices, with zip code)

(775) 832-8500
(Company’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per sharePDLIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨





Item 8.01 Other Events

On September 10, 2020, PDL BioPharma, Inc. (“PDL”) issued a press release announcing that PDL’s Board of Directors has approved the separation of LENSAR, Inc. (“LENSAR”), a majority-owned subsidiary of PDL, from PDL in the form of a taxable dividend involving the distribution on October 1, 2020 of all outstanding shares of LENSAR common stock held by PDL to holders of PDL common stock as of 5:00 p.m., Eastern Time, on September 22, 2020. LENSAR will continue to own and operate its femtosecond laser system business following completion of the distribution. The completion of the distribution is subject to the satisfaction or waiver of a number of conditions, including, among the others described in the Information Statement included in the Form 10 filed by LENSAR, the declaration by the Securities and Exchange Commission of the effectiveness of the Form 10, the LENSAR common stock being accepted for listing on the Nasdaq Stock Market and final approval by the PDL board of directors that the distribution remains in the best interest of PDL and its stockholders and that the distribution is still advisable.

The full text of PDL’s press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.Description
99.1




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PDL BIOPHARMA, INC.
(Company)
By:/s/ Dominique Monnet
Dominique Monnet
President and Chief Executive Officer


Dated: September 10, 2020




Exhibit Index



Exhibit No.Description
99.1