PDL BioPharma: Loeb's Third Point Wants Chairman Dismissed

May.23.07 | About: PDL BioPharma, (PDLI)

In an amended 13D filing on PDL BioPharma Inc. (NASDAQ:PDLI), 9.8% Daniel Loeb's Third Point LLC disclosed a new letter to the company demanding that Dr. Gage be removed as Chairman of the Board and that Jeanmarie Guenot be dismissed as PDLI's head of business development.

In the past, Third Point demanded the company terminate CEO Mark McDade, add three shareholder representatives to the PDLI Board and retain an investment bank to explore strategic alternatives for the Company.