In an amended 13D filing on Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) Tuesday morning, 5.9% holder DellaCamera Capital disclosed a letter to the company saying while they are encouraged by the recently announced plan to spin-off its biotechnology business, the company must take the next logical step and explore all strategic alternatives for the Company's remaining commercial operations, including the sale of the commercial operations as a whole. DellaCamera demanded Enzon formally engage its advisor Goldman Sachs, or another investment banking firm, to assist in this process.
DellaCamera said, "the significant cash-generating ability of the commercial operations makes them highly financeable and the synergies that a strategic buyer could bring to the mix are significant." They said a myriad of creative transactions could be effected.
DellaCamera said Enzon's cost structure is inordinately high and they believe that there are at least $25 million of excess SG&A expenses that could be eliminated should the Company pursue a rationalization of its commercial operations. DellaCamera also said the compensation of the top five executives seems excessive.
DellaCamera also said they want assurances that the Company will not use the biotechnology business spin-off as a defense mechanism to discourage potential buyers from seeking to purchase the entire Company.
Activist investor Carl Icahn has also been involved with Enzon.