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Third Point, Loeb puts more heat on PDL BioPharma's board to oust McDade, Gage and Guenot
By Lisa Kerner
Charlotte, N.C., May 31 - PDL BioPharma, Inc. investors led by Daniel S. Loeb and Third Point LLC once again wrote to the board asking members to act on behalf of shareholders and terminate chief executive officer Mark McDade, chairman of the board L. Patrick Gage and vice president Jeanmarie Guenot.
The May 31 letter, included in a schedule 13D filing with the Securities and Exchange Commission, was a follow up to a similar letter sent to PDL's board on May22.
Loeb and Third Point are also seeking shareholder representation on the PDL board as well as the retaining of an investment bank to explore strategic alternatives for the company. In addition, the investors want Jean-Jacques Bienaime, chief executive officer of BioMarin Pharmaceutical Inc., added to the board along with two of the other four candidates whose names were previously provided by Third Point.
"Again, we extend our invitation to all un-conflicted directors to contact us directly so we may share in an unfiltered fashion our concerns regarding Mr. McDade, Dr.Gage and Ms. Guenot. We cannot overstate the importance of your quickly pursuing all sources of information that can shed light on the serious concerns we and others have raised about Mr. McDade's lack of performance and his unsuitability to lead the company at this critical time. Every day that Mr. McDade continues to run PDLI, critical drug research is compromised, employee morale deteriorates and shareholder value is impaired," Loeb wrote.
Third Point owns 11.4 million shares, or 9.8%, of the Wilmington, N.C., pharmaceutical company's outstanding stock.
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