PDL BioPharma is a company that operates in the biopharmaceutical sector, focusing on managing intellectual property and investing in royalty-bearing assets. The company's main strategy involves acquiring and licensing patents from other biotech firms and collecting royalties on the sales of their licensed products. PDL BioPharma has a diverse portfolio of assets in various therapeutic areas, including oncology, infectious diseases, and central nervous system disorders. With a strong track record of generating consistent cash flows from its intellectual property assets, the company has become an attractive investment opportunity for those seeking exposure to the growing biopharmaceutical industry.