INCLINE VILLAGE, Nev.,
Nov. 14, 2019 /PRNewswire/
-- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI)
today issued the following statement in response to Engine Capital
LP's ("Engine") escalation of its public campaign criticizing PDL's
strategic direction:
"PDL values shareholder input and invited Engine to present its
views to members of our Board yesterday. It's unfortunate
that Engine decided to escalate its public campaign less than 24
hours after the meeting rather than give the Board a meaningful
opportunity to consider its most recent presentation.
"PDL's Board and management team are steadfast in their
commitment to acting in the best interests of all PDL shareholders
and in September began working with an external financial advisor
to provide an independent strategic and financial review of PDL's
business, including many of the topics that Engine has raised.
This review is ongoing, and the Board will consider
suggestions from the Company's shareholders, including Engine, as
part of its deliberations.
"Recently, the Board has taken significant steps to build value
for all shareholders, including repurchasing $155 million, or almost 32%, of PDL common stock
since March 2017. Further,
since June 2018, PDL has replaced 50%
of its Board with the appointments of four new directors,
significantly reducing the Board's average tenure. Three of
the new directors are independent and two of the new independent
directors increased the diversity of the Board.
"The Company's Board, which is comprised of directors with vast
experience in areas important to PDL's business and who have served
as executives at some of the world's largest biopharmaceutical and
biotech companies, will evaluate the results of the independent
review.
"The Board and management team are confident that the actions
the Company has taken, and will continue to take, best position PDL
to enhance value to all of the Company's shareholders. PDL
looks forward to continuing its dialogue with all of its
shareholders, including Engine, as it works to enhance shareholder
value."
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.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Each of these forward-looking statements involves risks
and uncertainties. Actual results may differ materially from those,
express or implied, in these forward-looking statements. Important
factors that could impair the value of the Company's assets and
business are disclosed in the risk factors contained in the
Company's Annual Report on Form 10-K, filed with the Securities and
Exchange Commission on March 15, 2019
and subsequent filings. All forward-looking statements are
expressly qualified in their entirety by such factors. We do not
undertake any duty to update any forward-looking statement except
as required by law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pdl-biopharma-reaffirms-commitment-to-shareholder-value-creation-300958441.html
SOURCE PDL BioPharma, Inc.