PDL BioPharma (NDAQ:PDLI) announced that it has successfully sold the rights to its transplant drug IV Busulfex to Japan's Otsuka Pharmaceuticals for $200 in cash in deal that will close in the first quarter. The move should lessen the pressure on the drug maker by activist shareholders who have been pushing the company to unlock shareholder value for the past few months.

Busulfex is one of three products that PDL purchased in 2005 for $500 million in an attempt to boost earnings while it developed its own antibody drug through clinical trials. That strategy ended when activist investor Daniel Loeb's Third Point LLC forced CEO Mark McDade from office and demanded an auction of the company instead.

Third Point cashed out recently, but Highland Capital Management has taken the reins and continued to push the company towards a sale. The activist recently commented that Merrill Lynch should be eliminated and replaced by a M&A advisor more suited to their industry. However, with this recent deal completed, perhaps no change will be necessary.

In the end, PDL BioPharma is likely to continue to sell off its assets in an attempt to liquidate and unlock value for shareholders. Whether or not they will find buyers and obtain fair value for the company remains to be seen, but at least one activist investor remains bullish and this recent sale is encouraging!

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