PDL BioPharma puts out 'for sale' sign

The troubled PDL BioPharma has put out the 'for sale' sign in an attempt to find a buyer for the company as a whole or of its key assets. This comes in addition to an earlier announcement that PDL would be selling its three approved drugs--Cardene, Retavase and Busulfex.

PDL also announced that CEO Mark McDade has officially stepped down. McDade has weathered a storm of criticism from Third Point, PDL's largest shareholder, on his handling of the company and its finances. McDade recently announced this decision to resign despite an outside investigation that found no wrongdoing on his part. PDL's board has elected L. Patrick Gage, Ph.D., as interim CEO.

- see PDL's release for more

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