7/31/2009 - PDL BioPharma Inc.'s (NASDAQ:PDLI) shares fell 5.8% Friday as analysts remained cautious on the drug developer and its ongoing patent disputes that may impact future royalty revenue. The company currently receives royalties from the respiratory virus drug Synagis, developed by MedImmune, but there is an ongoing dispute over patents. An analyst with Lazard Capital Markets, Joel Sendek, wrote in a note to investors, "We view the greatest risk to our royalty revenue estimates to be the ongoing litigation regarding royalties from MedImmune on Synagis and Numax." MedImmune has been paying royalties on the drug but there is a risk that the company that now owns MedImmune, AstraZeneca, is building a case to avoid royalties on a new version of the drug called Numax, according to Sendek.

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