The San Francisco Chronicle reports that a growing number of biotech execs have had to ward off the angry attacks of shareholder activists who protest the way they're running their companies. Case in point: PDL BioPharma CEO Mark McDade [1], who faced protests over his real estate deal for swanky new offices in Redwood City, CA. And hedge fund managers and other investors are turning up the heat on other CEOs with a questionable track record for handling money. Third Point LLC is responsible for much of this flak, mounting attacks on PDL, Ligand [2] and Nabi [3]. MedImmune [4] and ImClone [5] can both also attest to the trend.
- here's the article [6] from the San Francisco Chronicle
Related Articles:
PDL BioPharma rises on shareholder complaint. Report [1]
Icahn takes control of ImClone as CEO departs. Report [5]
Nabi CEO walks after hedge fund balks. Report [3]
Links:
[1] http://www.fiercebiotech.com/node/7796
[2] http://www.fiercebiotech.com/story/ligand-sells-off-cancer-products-in-restructuring/2006-09-08
[3] http://www.fiercebiotech.com/story/nabi-ceo-walks-after-hedge-fund-balks/2007-02-16
[4] http://www.fiercebiotech.com/story/medimmune-goes-on-the-auction-block/2007-04-12
[5] http://www.fiercebiotech.com/story/icahn-takes-control-of-imclone-as-ceo-departs/2006-10-25
[6] http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2007/07/25/BU44R6ES53.DTL&type=business