- Executive changes announced -
REDWOOD CITY, Calif., Oct. 1 /PRNewswire-FirstCall/ -- PDL BioPharma,
Inc. (PDL) (Nasdaq: PDLI) 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.
Forward-looking Statements
This press release contains forward-looking statements, including
regarding the company's plans to actively seek offers for the sale of the
company as a whole or of its key assets and to continue the process for the
potential sale of its commercial products and the advancement of PDL's
business, each of which involves risks and uncertainties. Actual results
may differ materially from those, express or implied, in these
forward-looking statements. Factors that may cause differences between
current expectations and actual results include, but are not limited to,
the following: additional developments or decisions could cause PDL to
alter its strategic focus; PDL may not be able to negotiate the sale of the
company or its key assets, including its commercial assets, on terms
acceptable to it; the consummation of any transaction, even if on
acceptable terms, could be adversely impacted or prevented by failure to
satisfy closing conditions, regulatory delays or other developments;
failure to retain key employees, increased competition, adverse market
conditions and failure to develop, protect or license intellectual property
rights could adversely impact the advancement of PDL's research efforts,
drug development activities and commercial sales efforts; and PDL's success
in advancing its pipeline could also be adversely affected by failure or
delay of clinical development programs, including because of delays in
contracting with clinical sites, enrollment rates, availability of clinical
materials or safety or manufacturing issues. Other factors that may cause
PDL's actual results to differ materially from those expressed or implied
in the forward-looking statements in this press release are discussed in
PDL's filings with the Securities and Exchange Commission (SEC), including
the "Risk Factors" sections of its annual and quarterly reports filed with
the SEC. Copies of PDL's filings with the SEC may be obtained at the
"Investors" section of PDL's website at http://www.pdl.com. PDL expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in PDL's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based for any
reason, except as required by law, even as new information becomes
available or other events occur in the future. All forward-looking
statements in this press release are qualified in their entirety by this
cautionary statement.
About PDL BioPharma
PDL BioPharma, Inc. is a biopharmaceutical company focused on
discovering, developing and commercializing innovative therapies for severe
or life-threatening illnesses. PDL currently markets and sells a portfolio
of three acute-care commercial products in the United States and Canada.
The company's antibody humanization technology has led to the development
of many successful antibody therapies by the company's licensees, and PDL
is leveraging its antibody expertise to advance the development of its own
pipeline of investigational compounds. For more information, please visit
http://www.pdl.com.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
SOURCE PDL BioPharma, Inc.
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Related links:
http://www.pdl.com
CONTACT:
Corporate and Investor Relations, investors,
+1-510-574-1406, or media, +1-650-454-2543
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