>>PDL BioPharma to Actively Seek Sale of Entire Company or Its Key Assets
Monday October 1, 4:02 pm ET
- Executive changes announced -
REDWOOD CITY, Calif., Oct. 1 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI - News) today announced that its board of directors has recently decided to actively seek offers for the sale of the company as a whole or of its key assets. The decision is the result of PDL's ongoing evaluation of strategic alternatives. The company will continue the previously announced process for the potential sale of its commercial products as part of the overall process. A final decision regarding the specific deal structures or transactions the company may enter into will be driven by the goal of maximizing stockholder value.
The company also announced that Mark McDade has stepped down from his position as chief executive officer and a director effective immediately. The board has elected L. Patrick Gage, Ph.D., as interim chief executive officer. Dr. Gage will continue to serve as a director of the company. The board also has elected Karen A. Dawes as chairperson of the board to replace Dr. Gage.
"Following a comprehensive review of available options, the PDL board has concluded that seeking offers for the sale of the company as a whole or of its key assets is our primary strategic focus," said Ms. Dawes, chairperson of the board. "We look forward to working with our advisors and interested parties to maximize stockholder value," she added.
"I look forward to leading the talented and dedicated employees of PDL during this time of transition to build stockholder value through increasing our operational efficiency and driving our business forward," said Dr. Gage, interim CEO.
The company further announced that the Finance Committee of the board, chaired by board member Joseph (Skip) Klein, will oversee the strategic transaction process. As stated previously, Merrill Lynch & Co. has been engaged as the company's financial advisor and has been authorized to actively seek proposals that will maximize stockholder value.
Biographies of Ms. Dawes, Dr. Gage and Mr. Klein are available in the "Corporate Governance" section of the company's website.<<
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I don't see much after hours action at the moment; stock may be halted.
Cheers, Tuck |
