INCLINE VILLAGE, Nev.,
Oct. 24, 2019 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today
announced that Harold E. Selick,
Ph.D., Chairman of the Board of Directors of PDL BioPharma, has
sent the following letter to Engine Capital, LP.
October 24, 2019
Arnaud Ajdler
Brad Favreau
Engine Capital, LP
1345 Avenue of the Americas, 33 rd Floor
New York, NY 10105
Re: Response to Your Letter Dated October
23, 2019
Dear Messrs. Ajdler and Favreau:
We are in receipt of your letter dated October 23, 2019 and addressed to the PDL
BioPharma Board of Directors. We take the views of our shareholders
very seriously. Capital allocation, corporate governance, expense
management and the creation of shareholder value are all important
topics for our Board as evidenced, in part, by the $ 155 million in share repurchases that have been
executed over the past two years.
We are in the process of reviewing the suggestions in your
letter. At our September meeting, the PDL Board authorized our CEO
to engage an external financial advisor to provide an independent
perspective on certain of these topics. Once we complete that
review, we would be pleased to meet with you to discuss your
suggestions in greater detail within the confines of Regulation
FD.
Very truly yours,
/s/ Harold E.
Selick
Harold E. Selick, Ph.D.
About PDL BioPharma, Inc.
PDL's mission is to improve the lives of patients and create
value for our shareholders and our people by applying our capital
and expertise for the successful development and commercialization
of innovative therapeutics by our partner companies. We deliver on
our mission by entering into strategic transactions involving
innovative late clinical-stage or early commercial-stage
therapeutics with attractive revenue growth potential. For more
information please visit www.pdl.com
NOTE: PDL, PDL BioPharma, the PDL logo and associated logos and
the PDL BioPharma logo are trademarks or registered trademarks of,
and are proprietary to, PDL BioPharma, Inc. which reserves all
rights therein. Noden, Noden Pharma, Tekturna, Tekturna HCT,
Rasilez and Rasilez HCT and associated logos are trademarks or
registered trademarks of, and are proprietary to, Noden Pharma DAC,
which reserves all right therein. LENSAR and associated logos are
trademarks or registered trademarks of, and are proprietary to,
LENSAR, Inc., which reserves all rights therein.
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SOURCE PDL BioPharma, Inc.