Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

21. Subsequent Events

Share Repurchase Program

From July 1, 2018 to July 5, 2018, the Company completed the $25.0 million share repurchase program by repurchasing approximately 0.6 million shares of its common stock at a weighted average price of $2.44 per share for a total of $1.4 million. The total amounts repurchased by the Company under the share repurchase program equal approximately 8.7 million shares of its common stock for an aggregate purchase price of $25.0 million, or an average cost of $2.89 per share, including trading commissions.

Depomed Reversionary Interest Purchase

On August 2, 2018, PDL Investment Holding, LLC (“PDLIH”), a subsidiary of the Company, entered into an amendment of the Depomed Royalty Agreement, pursuant to which PDLIH, as an assignee of the Company, acquired all of Depomed’s remaining rights to royalties and milestones payable on sales of type 2 diabetes products licensed by Depomed for up to $20.0 million. Prior to this amendment of the Depomed Royalty Agreement, the Company would have shared future royalties equally with Depomed after total cash received by the Company reached $481.0 million, or two times the Company’s original investment, which the Company expects to occur by October 2020.

On August 2, 2018, under the terms of the amendment, the Company made an initial payment of $10.0 million to Depomed. On August 7, 2018, an additional $10.0 million payment was made to Depomed, as certain conditions specified in the amendment were met.