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Engine Capital Issues Open Letter to Board of PDL BioPharma

Calls on the Board to Cease Investment Activities and Commence a Review of Strategic Alternatives Immediately

Believes a Sale or Liquidation of the Company Represents the Best Risk-Adjusted Path Forward for Shareholders

Recommends a Right-Sizing of the Company's Cost Structure

NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine"), a significant shareholder of PDL BioPharma, Inc. (the "Company") (PDLI), with ownership of approximately 5.3% of the Company's outstanding shares, today issued an open letter to the Company's Board of Directors (the "Board") encouraging the Company to immediately cease its investment activities and commence a review of strategic alternatives, including a possible sale or liquidation of the Company.

The full text of Engine's letter to the Board can be viewed at the following link:

www.enginecap.com/pdli

About Engine Capital

Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

Investor contact:
Engine Capital, L.P.
Arnaud Ajdler
(212) 321-0048
aajdler@enginecap.com

Cision
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View original content:http://www.prnewswire.com/news-releases/engine-capital-issues-open-letter-to-board-of-pdl-biopharma-300943564.html