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news.PDL BioPharma has said that it will no longer actively pursue the sale of the company or of its biotechnology discovery and development assets and will remain independent and focus on the discovery and development of innovative new antibodies for cancer and immunologic diseases.
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In pursuing this path, company will continue to actively evaluate several structures to distribute to its stockholders 50% or more of the value of its future antibody humanization royalties from currently marketed licensed products, net of any applicable corporate-level taxes. PDL will also focus on advancing its current product portfolio and discovering and developing additional innovative antibodies for cancer and immunologic diseases.
PDL’s 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.