INCLINE VILLAGE, Nev.,
June 22, 2018 /PRNewswire/
-- PDL BioPharma, Inc. ("PDL" or "the Company") (NASDAQ: PDLI)
announced today that retired Eli Lilly and Company executive
Elizabeth G. O'Farrell has been
named to the Company's Board of Directors, effective June 22, 2018 and increasing the number of
directors to nine.
"Liz's experience as a senior executive of a major
pharmaceutical company with global operations will make her a
valuable addition to our Board," said Harold Selick, Ph.D., Lead Director of the PDL
BioPharma Board of Directors. "We look forward to her
insights and perspective as we seek to acquire a portfolio of
biopharmaceutical companies and provide them with the management
and leadership needed to develop their full potential."
In 2017 Ms. O'Farrell retired from a 24-year career with Eli
Lilly and Company, most recently serving as Chief Procurement
Officer from 2012 to 2017. Prior to that, she advanced
through a number of executive management positions including Senior
Vice President, Policy and Finance; Senior Vice President, Finance;
Chief Financial Officer, Lilly USA;
Chief Financial Officer, Lilly
Canada; and General Auditor. Before joining Eli Lilly,
Ms. O'Farrell was an accountant
with Boise Cascade Office Products, and served as an auditor at
Whipple & Company and Price Waterhouse.
"I am delighted to join PDL and am excited to support the
Company's plans to acquire and nurture quality assets in the
biopharmaceutical industry," said Ms. O'Farrell. "I look forward to
bringing my global business and finance experience, along with
industry contacts to PDL in support of our mission."
Ms. O'Farrell was an active board member of the YMCA of
Greater Indianapolis for more than
a decade and served as its Chair from 2014 to 2016. She is
also a member of the Finance Committee of the United Way of
Brevard (Brevard County, Fla.) and previously served on
the boards of the Washington
Township Schools Foundation and Keep Indianapolis
Beautiful.
Ms. O'Farrell holds a BS in accounting with honors and an MBA in
management information systems, both from Indiana University.
About PDL BioPharma
PDL seeks to provide a
significant return for its shareholders by acquiring and managing a
portfolio of companies, products, royalty agreements and debt
facilities in the biotech, pharmaceutical and medical device
industries. In 2012, PDL began providing alternative sources of
capital through royalty monetizations and debt facilities, and in
2016 began acquiring commercial-stage products and launching
specialized companies dedicated to the commercialization of these
products. To date, PDL has consummated 17 of such transactions, of
which nine are active and outstanding. PDL has one debt transaction
outstanding, representing deployed and committed capital of
$20.0 million: CareView
Communications, Inc.; PDL has one hybrid royalty/debt transaction
outstanding, representing deployed and committed capital of
$44.0 million: Wellstat Diagnostics,
LLC; and PDL has five royalty transactions outstanding,
representing deployed and committed capital of $396.1 million and $397.1
million, respectively: KYBELLA®, AcelRx Pharmaceuticals,
Inc. The Regents of the University of
Michigan, Viscogliosi Brothers, LLC and Depomed, Inc. PDL's
equity and loan investments in Noden Pharma DAC, Inc.
and Noden Pharma USA, Inc. (together with their subsidiaries,
"Noden") represent deployed and committed capital of $179.0 million and $202.0
million, respectively, and PDL's converted equity and loan
investment in LENSAR, Inc. represents deployed capital of
$40.0 million.
PDL operates in three segments designated as Income Generating
Assets, Pharmaceutical and Medical Devices.
NOTE: PDL, PDL BioPharma, the PDL logo and the PDL BioPharma
logo are trademarks or registered trademarks of, and are
proprietary, to PDL BioPharma, 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 16, 2018 and any 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.
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SOURCE PDL BioPharma, Inc.