PDL axes 260 and takes itself off the market

With no "firm" buyout offers coming in, PDL BioPharma has decided to axe 260 workers--on top of the 320 layoffs already announced--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 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
- here's the AP report

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