Protein Design Makes $475 Million Purchase

January 25, 2005 -- Protein Design Labs will acquire privately held ESP Pharma for $475 million, which will be paid with $300 million in cash and $175 million in PDL stock. ESP had revenues of more than $90 million in 2004. ESP’s 75-member sales force was an important factor in the acquisition, as PDL moves toward commercialization of its own drugs. PDL said that the purchase would allow it to become cash-flow positive in 2006. We look at both companies...