PDL BioPharma Inc

#1  PDL BioPharma Inc. said it will stop pursuing the sale of the company or its biotechnology assets after a firm offer failed to emerge, sending its shares down nearly 19% in extended trading. The company said it now plans to cut 260 jobs and restructure to focus on discovery and development of antibody-based drugs. "Although we garnered interest regarding certain of our pipeline programs, we did not receive a firm offer for the company as a whole or for our biotech R&D assets," PDL Chairman Karen Dawes said in a statement

 

#2  PDL BioPharma Inc. announced that its new operating plan includes a reduction of its workforce across all functions by approximately 260 positions, starting immediately and continuing over the next 12 months. This reduction is in addition to previously planned reductions of approximately 320 positions resulting from the recently announced sales of the company's manufacturing plant and commercial and cardiovascular products. Subsequent to the transition period, PDL expects that its workforce will consist of approximately 300 employees.