PDL BioPharma Inc. completed the sale of two units to private equity firm Stanley Capital.

Incline Village, Nev.-based PDL sold Noden Pharma DAC and Noden Pharma USA for a total transaction value of about $52.8 million.

Noden Pharma DAC is a specialty pharmaceutical company that acquires prescription medicines across various therapeutic areas.

PDL will receive $12.7 million in connection with the closing, and will receive an additional $33 million to be paid in 12 equal quarterly installments from January 2021 to October 2023, plus two potential contingent payments totaling about $3.3 million.

PDL will also receive $3.9 million to be paid in four equal quarterly installments from January 2023 to October that year, due mainly to incremental cash accumulated in the business since July 31.

SVB Leerink and Torreya acted as advisers to PDL for the transaction.

PDL acquires and manages commercial-stage pharmaceutical assets and late clinical stage pharmaceutical products.