PDL BioPharma Inc (PDLI) Interim CEO Walks Out The Door
L. Patrick Gage, Ph.D. has resigned as a director of PDL (PDLI) due to differences of opinion among the board members over the prioritization of PDL’s objectives, and he will no longer serve as interim chief executive officer.
The firm already said that it would spin off its biotechnology assets into a separate publicly traded entity apart from its antibody humanization royalty assets and capitalize the new biotechnology spin-off company with approximately $375 million in cash at the completion of the spin-off transaction.
PDLI plans to retain the rights to antibody humanizatio royalty revenues from all current and future licensed products and plan to distribute this income to stockholders.
The Motley Fool recently described PDLI as on of biotech’s “badly mismanaged companies.”
And, it is a train wreck. Shares are down to $10.20 from a 52-week high of $27.90. The stock recently hit a five year low after losing almost $62 million. Fortunately, the company has a lot of cash.
Douglas A. McIntyre