With no "firm" buyout offers coming in, PDL BioPharma has decided to axe 260 workers--on top of the 320 layoffs already announced [1]--and take itself off the market. The latest restructuring round follows the sale of a half billion dollars worth of assets. And after the new pink slips are delivered, PDL will have about 300 workers, a fraction of its peak of 1,100. PDL put itself up for sale last fall after coming under withering fire from investors [2] for its financial performance. To help win back the favor of investors, who drove down the company's share price 28 percent this morning, a four-year low, PDL is considering giving shareholders 50 percent of the royalties coming from approved products.
- see this release [3]
- here's the AP report [4]
Related Articles:
PDL sells off drugs as it counters harsh criticism. Report [5]
PDL BioPharma puts out 'for sale' sign. Report [6]
In last act, PDL chief takes out the axe. Report [1]
PDL chief resigns in wake of investor wrangle. Report [2]
Biotech CEOs face rising fury of angry investors. Report [7]
PDL BioPharma rises on shareholder complaint. Report [8]
Links:
[1] http://www.fiercebiotech.com/story/last-act-pdl-chief-takes-out-axe/2007-08-29
[2] http://www.fiercebiotech.com/story/pdl-chief-resigns-wake-investor-wrangle/2007-08-21
[3] http://www.fiercebiotech.com/press-releases/pdl-biopharma-ends-sale-process-company-and-restructures-focus-antibody-discovery-and
[4] http://www.chron.com/disp/story.mpl/ap/fn/5594363.html
[5] http://www.fiercebiotech.com/story/pdl-sells-drugs-it-counters-harsh-criticism/2008-02-05
[6] http://www.fiercebiotech.com/story/pdl-biopharma-puts-out-for-sale-sign/2007-10-02?utm_medium=nl&utm_source=link
[7] http://www.fiercebiotech.com/story/biotech-ceos-face-rising-fury-of-angry-investors/2007-07-26
[8] http://www.fiercebiotech.com/node/7796