INCLINE VILLAGE, Nev.,
Dec. 19, 2019 /PRNewswire/
-- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI)
today announced upcoming changes to the Company's Board of
Directors.
Elizabeth O'Farrell, a current
independent director and the former Chief Procurement Officer at
Eli Lilly and Company, has been named Chairperson of the Board,
effective January 1, 2020. This
follows the decision by Dr. Harold E. "Barry" Selick to retire from
the Company's Board at the end of the year due to his obligations
as Vice Chancellor at the University of
California, San Francisco. Additionally, Paul Sandman will not stand for reelection and
will retire from the Board at PDL's 2020 Annual Meeting of
Stockholders. The Company intends to reduce the size of its
Board following each retirement. After PDL's 2020 Annual
Meeting, the Board will be comprised of six directors.
Ms. O'Farrell said, "I am excited to serve as Chairperson at
this critical time in PDL's history and look forward to working
with my fellow directors and the management team to unlock the
value of our portfolio for our shareholders. We believe these
changes are another step in the process as the Board will be more
appropriately sized for our value maximization process. On
behalf of the Board, I would like to thank Barry and Paul for their
long service to PDL and much valued contributions. We wish
them all the best going forward."
Ms. O'Farrell joined PDL's Board in June
2018 after retiring from a 24-year career with Eli
Lilly. In addition to her most recent role at Eli Lilly, Ms.
O'Farrell advanced through various executive management positions,
including; Chief Financial Officer, Lilly
USA; Chief Financial Officer, Lilly
Canada and General Auditor. Ms. O'Farrell holds a B.S.
in accounting with honors and an MBA in management information
systems, both from Indiana
University.
Dr. Selick said, "It has been an honor to serve as PDL's
Chairperson. I am very proud of our Company's accomplishments
throughout its history. PDL has made possible transformative
scientific innovations and the development of life-changing
therapies. I am completely aligned with the recent actions
taken by the Company and have every confidence in the Board and
management team's ability to maximize the value of PDL's assets for
our shareholders."
In conjunction with these changes to PDL's Board, Elizabeth O'Farrell and Shlomo Yanai have been appointed chairpersons of
the Compensation Committee and Nominating and Governance Committee,
respectively. In addition, Natasha
Hernday will join both the Compensation Committee and the
Nominating and Governance Committee. All these appointments
are effective January 1, 2020.
About PDL BioPharma, Inc.
Throughout its history, PDL's mission has been to improve the
lives of patients by aiding in the successful development of
innovative therapeutics and healthcare technologies. PDL BioPharma
was founded in 1986 as Protein Design Labs, Inc. when it pioneered
the humanization of monoclonal antibodies, enabling the discovery
of a new generation of targeted treatments that have had a profound
impact on patients living with different cancers as well as a
variety of other debilitating diseases. In 2006, the Company
changed its name to PDL BioPharma.
As of December 2019, PDL has
ceased to make additional strategic transactions and investments
and is pursuing a formal process to unlock the value of its
portfolio by monetizing its assets and ultimately distributing net
proceeds to shareholders.
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.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws that involve
material risks, assumptions and uncertainties. Many possible events
or factors could affect our future results and performance, such
that our actual results and performance may differ materially from
those that may be described or implied in the forward-looking
statements. As such, no forward-looking statement can be
guaranteed. The Company is subject to risks and uncertainties
described in the Company's annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q. You are cautioned not to
place undue reliance on these forward-looking statements, which
reflect management's analysis and expectations only as of the date
of this press release. Except as required by law, the Company
undertakes no obligation to publicly release the results of any
revision or update of these forward-looking statements, whether as
a result of new information, future events or otherwise.
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SOURCE PDL BioPharma, Inc.