PDL BioPharma has spun off its biotech business into Facet Biotech Corp. Facet will be based in PDL's Redwood City, CA offices while the rest of the company moves to Incline Village, NV. Facet was formed after a group of the company's biggest shareholders mounted a revolt against the company's management that led to the departure of CEO Mark McDade. Report [1]
Links:
[1] http://www.bizjournals.com/sanjose/stories/2008/12/15/daily76.html