PDL to sell three drugs to EKR in $170 million agreement

REDWOOD, Calif. PDL BioPharma has agreed to sell its hypertension drug Cardene, the heart attack drug Retavase and the drug candidate Ularitide to EKR Therapeutics for a deal worth as much as $170 million, according to the Associated Press.

EKR Therapeutics will pay $85 million upfront for the drugs and PDL BioPharma can see an additional $85 million in development and sales milestone payments for new Cardene formulations.

The sale comes as a continuation of a previously announced restructuring plan. The company already sold the rights to its chemotherapy drug, IV Busulfex, to Otsuka Pharmaceuticals for $200 million in cash.