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PDL BioPharma (PDLI) is a delightful exception to conventional thinking about dividend stocks. The company engages in the management of "antibody humanization patents" as well as royalty assets and license agreements with various biotechnology and pharmaceutical firms. In a nutshell, the process of "humanization" helps makes medications compatible with the biology of men and women so that they work properly.

So how can a company like this burn so much cash in dividend payouts when the cost of drug research and approval is so steep?

Well, the thing about PDL Biopharma is that it doesn't do much research at all. It receives royalties based on these license agreements on sales of a number of humanized antibody products marketed today, and also might receive royalty payments on additional humanized antibody products launched before its patent expire between 2013 and 2014.

That means PDL is a cash-rich intermediary for patents, and has plenty of cash to pay some monster dividends.

Obviously, the downside is that if someone comes up with another way to humanize antibodies and provide that technology to Big Pharma in the next few years, PDLI's run is over. But on the other hand if drugmakers continue to rely on PDL Biopharma's patents for their medications, it will only boost the company's revenue stream.

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Either way, investors can ride the gravy train to big dividends in the short-term. There are still a few years before looming patent expirations will cause headaches for PDL, so why not share in the hefty dividend party?

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