PDLI - PDL BioPharma Liquidation May Offer 40% Upside For Patient Investors Comfortable With Illiquidity

• PDLI is liquidating, it should delist from the NASDAQ on December 31, 2020.
• Patient investors can ultimately expect a return of approximately 40% based on net assets.
• The Glumetza royalties may be undervalued today based on arguably a punitive discount rate, creating closer to 60% upside under a 5% discount rate for the portfolio.
• There is downside risk too, from payments being pushed out years into the future, a class action related to Glumetza pricing and other uncertainties.
• On balance, PDLI presents an opportunity for patient investors capable of owning illiquid investments.

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