PDL BioPharma CEO steps down; company looks to sell

By Lisa Kerner

Charlotte, N.C., Oct. 1 - The board of directors of PDL BioPharma, Inc. will "actively seek offers for the sale of the company as a whole or of its key assets" following an evaluation of strategic alternatives.

In addition, PDL BioPharma's chief executive officer and director Mark McDade has stepped down effective immediately, according to a company news release. The board elected director L. Patrick Gage as interim CEO and Karen A. Dawes as chairperson of the board, replacing Gage.

The strategic transaction process will be led by the finance committee of PDL BioPharma's board, chaired by board member Joseph (Skip) Klein, with assistance from Merrill Lynch & Co.

PDL BioPharma investors including Highland Capital Management, LP and Third Point LLC had sought Gage's resignation, the firing of McDade and a sale of the Wilmington, N.C., pharmaceutical company.

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