Highland reports 5.2% stake in PDL BioPharma

By Lisa Kerner

Charlotte, N.C., Oct. 30 - PDL BioPharma, Inc. investor Highland Capital Management, LP bought 1,983,100 additional shares of the company between Aug. 29 and Oct. 22.

The shares were priced from $18.84 to $21.50 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 6,111,699 shares, or 5.2%, of the Wilmington, N.C., pharmaceutical company.

It was previously reported that Highland, in a Sept. 25 letter, urged PDL's board of directors to sell the company. The investor also called for the immediate resignations of Dr. Patrick Gage as chairman and Mark McDade as chief executive officer.

In its letter, Highland also recommended that:

• The board seek additional expertise in evaluating alternatives for the royalty stream;

• The company move to sell and not reconfigure into an early stage developmental company;

• Dr. Laurence Korn take over as chairman;

• An independent board member be added to fill the vacancy left by Dr. Samuel Broder's resignation; and

• PDL BioPharma issue a press release that "lucidly communicates" that it is "diligently and expeditiously working to sell the entire company."

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