Third Point reduces stake in PDL BioPharma to zero

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Third Point LLC sold its remaining 6 million shares of PDL BioPharma, Inc. between Oct. 30 and Nov. 9.

The shares were priced from $18.83 to $21.20 each, according to a schedule 13D filing with the Securities and Exchange Commission.

On Oct. 17, Third Point reported a 5.1% stake in the Wilmington, N.C., pharmaceutical company.

As previously reported, Third Point's Daniel S. Loeb expressed disappointment "that the sale process is still being led by a board that does not include a Third Point representative" and noted that Patrick Gage remains the company's chief executive officer "despite having demonstrated his unsuitability."

On Oct. 1, PDL BioPharma announced that its CEO and director Mark McDade stepped down and was replaced by Gage as interim CEO. Karen A. Dawes replaced Gage as chairperson.

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