PDL BioPharma (PDLI) Enters into Cooperation Agreement with Engine Capital

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Go back to PDL BioPharma (PDLI) Enters into Cooperation Agreement with Engine Capital

PDL BioPharma Enters into Cooperation Agreement with Engine Capital

February 28, 2020 8:00 AM EST

INCLINE VILLAGE, Nev., Feb. 28, 2020 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today announced it has entered into a cooperation agreement with Engine Capital Management LP (together with its affiliates, "Engine"), which owns approximately 5.5% of the Company's outstanding shares, pursuant to which Alan L. Bazaar will immediately join PDL's Board of Directors as a Class III director serving until the Company's 2022 Annual Meeting of Stockholders.  PDL has also agreed to form a Cost Committee of the Board, chaired by Mr. Bazaar, to oversee cost reduction initiatives... More