Press Release Details

INCLINE VILLAGE, Nev., June 25, 2019 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today announced the resignation of Chief Financial Officer, Peter Garcia, who will be leaving the Company effective August 15, 2019. He will continue in his role through the filing of the Company's second quarter 10-Q in August and is committed to ensure a smooth transition of duties.

Since joining PDL in May 2013, Mr. Garcia played an instrumental role in successfully completing the Company's convertible debt transactions, achieving an improved capital structure for the Company, and building a quality finance and accounting team.

"On behalf of the Company's board of directors and the management team, I'd like to thank Pete for his leadership and many contributions during his time at PDL," said Dominique Monnet, president and CEO of PDL. "Pete's legacy is positioning us for success as we execute our business strategy of building a portfolio of actively managed healthcare assets. We wish Pete well as he pursues his personal goals." The Company is retaining an executive search firm to lead the search for his replacement.

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.

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.

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SOURCE PDL BioPharma, Inc.

PDL BioPharma, Inc., Peter Garcia, CFO, 775-832-8500, Peter.garcia@pdl.com, or LHA Investor Relations, Jody Cain, SVP, 310-691-7100, jcain@lhai.com