Issue Date: March 10, 2008
PDL To Restructure After Sale Failed
PDL BioPharma has ended a strategic review in which it tried to sell itself and will instead remain an independent company focused on developing antibodies for cancer and immunologic diseases. During the review, the biotech firm sold assets worth more than $525 million. It will distribute much of this cash to shareholders. PDL cut 320 jobs through the asset sales and now says it will cut another 260 positions. The firm expects to end up with about 300 employees.
- Chemical & Engineering News
- ISSN 0009-2347
- Copyright © American Chemical Society