In a change of strategic direction, PDL announced in May 2016 that the company will be acquiring a majority equity stake in the newly formed Noden Pharma. Noden will use the capital along with additional funds from debt to finance the acquisition of the blood pressure drugs Tekturna and Tekturna HCT from Novartis for a total of $294m in upfronts and milestones. PDL is expected to provide $145m in return for an 88% equity stake, but is obligated to finance any shortfalls in additional planned debt financing.
