SevenSaoi Capital Supportive of PDL BioPharma Announcement

CHICAGO, Dec. 10, 2019 /PRNewswire/ -- SevenSaoi Capital, LLC (together with its affiliates, "SevenSaoi," pronounced "7C"), a long-only public equity investment firm, has been a significant shareholder of PDL BioPharma, Inc. (NasdaqGS: PDLI) ("PDL" or the "Company") since 2017. Over the past two-and-a-half years, we have discussed, met, and shared detailed analysis privately and publicly with PDL's management team and Board of Directors (the "Board") on numerous occasions to address the Company's persistent underperformance and undervaluation of its shares. As part of this engagement, we sent a letter to the Board on September 16, 2019, just prior to its September board meeting, recommending capital return and an evaluation of strategic alternatives, very soon after which the Company retained a financial advisor to conduct a strategic review. Today, following the completion of that strategic review, we are writing to express our support to the Board and management team for taking positive steps to drive PDL's value and improve share price performance, including the December 9, 2019 announcement of a formal monetization and capital return process, which we agree represents the best path forward for PDL and its shareholders.

We appreciate the Company's acknowledgment that yesterday's announcement was the product of constructive engagement with its shareholders. We also commend Engine Capital for its extensive efforts to further demonstrate the need for this action, as well as the Company's financial advisors, MTS Health Partners and BofA Securities, for their role in the strategic review. We encourage the Company moving forward to keep shareholders informed of its progress as it embarks on this seminal effort to maximize value.

About SevenSaoi

SevenSaoi Capital, LLC is a Chicago-based, long-only investment firm focused on making private equity-style, fundamentally-driven, long-term oriented investments in publicly-traded small cap companies, primarily in the healthcare, technology, media, and telecommunications industries. This strategy builds on its principals' successful 20+ year track record of private and public equity investment experience in these sectors. SevenSaoi invests in deeply undervalued companies and constructively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Media and Investor Contact

SevenSaoi Capital, LLC
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SOURCE SevenSaoi Capital

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