Another biotech CEO bites the dust [1] after tangling with a key investor. PDL BioPharma's CEO has decided to step aside after a company probe cleared him of charges leveled by the biotech's biggest shareholder. Mark McDade says he will leave by the end of this year, following a bitter fight with Third Point, which claimed the CEO had dropped the ball on a big deal with a major pharma company, missed projections and bungled the company's finances. The company's finance committee, though, concluded that there was no merit to Third Point's claims. Analysts generally applauded the planned exit, which triggered a surge in PDL's shares.
- check out the announcement [2] on McDade's resignation
- here's the report [3] on PDL from Forbes
Related Articles:
Biotech CEOs face rising fury of angry investors. Report [1]
PDL BioPharma rises on shareholder complaint. Report [4]
PDL therapy fails endpoints in Phase III. Report [5]
Links:
[1] http://www.fiercebiotech.com/story/biotech-ceos-face-rising-fury-of-angry-investors/2007-07-26
[2] http://www.fiercebiotech.com/press-releases/press-release-pdl-biopharma-ceo-mark-mcdade-resign
[3] http://www.forbes.com/markets/2007/08/20/pdl-biopharma-mcdade-markets-equity-cx_cg_0820markets38.html
[4] http://www.fiercebiotech.com/node/7796
[5] http://www.fiercebiotech.com/story/pdl-therapy-fails-endpoints-in-phase-iii/2006-08-04