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PDL BioPharma interim CEO L. Patrick Gage resigns

By Associated Press
May 30, 2008 | Comments (0)

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PDL BioPharma Inc. said director and interim Chief Executive L. Patrick Gage resigned due to differences among the board about prioritizing company goals.

The biotechnology company previously announced that it is looking to separate its biotechnology assets into a separate publicly traded company; keep the rights to antibody humanization royalty revenue from current and future licensed products and distribute the income to stockholders; and continue to explore options to sell or securitize all or part of its antibody humanization royalties.

PDL said late Thursday that its three remaining board members will form a new Office of the Chair of the Board. The company also said board member Karen A. Dawes resigned for personal reasons.

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