PDL kept at buy by Merrill

Merrill Lynch analyst Tom McGahren maintained PDL BioPharma Inc. at hold after the company announced that Roche has discontinued its co-development of the antibody daclizumab in the treatment of asthma. As a result, PDL must search for a new partner. Roche and PDL plan further development of daclizumab in the transplant maintenance therapy setting. Daclizumab is partnered with Biogen Idec in the treatment of multiple sclerosis. Shares of the Fremont, Calif.-based biopharmaceutical company were up 17 cents, or 0.87%, at $19.66, on volume of 1,360,357 shares versus the three-month running average of 1,670,670 shares. (Nasdaq: PDLI)

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