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PDL BioPharma Announces Internal CEO Investigation Found No Credible Evidence of Improper Personal Conduct or Breach of Fiduciary Duty
Date:8/20/2007

o breach of a fiduciary duty by McDade with respect to an alleged offer or purported indication of serious interest from a pharmaceutical company to acquire PDL, and that McDade did not improperly withhold information from the board with respect to this alleged offer or indication of interest. Specific to this allegation, the evidence supported a conclusion that no such offer was ever made, at any price, by the named pharmaceutical company. In addition, the Audit Committee determined there was no reasonable basis for conducting an investigation of other allegations, including allegations of financial mismanagement with respect to a facilities lease, a transaction that previously had been reviewed and approved by the board.

"The allegations and public innuendo have been damaging to PDL, to PDL board members and employees, and to me personally," said McDade. "This extensive independent investigation should put these allegations to rest. However, given the personal and professional toll, I have decided to step down as CEO of PDL, and as a member of the board, by the end of this year. In the meantime, I will focus my efforts on assisting PDL's board and management in completing the corporate strategic review we have been conducting over the past few months with outside advisors, and aiding in its initial implementation. Prior to my departure, I also plan to fully support the board to enable a smooth transition to a new CEO. Beyond that, I hope to have more time to devote to my family while I consider future pursuits."

"Under Mark's leadership, PDL has built significant stockholder value, growing revenues ten-fold while evolving the company into a diversified business with core strength in novel antibody research and development," said Chairman of the Board L. Patrick Gage, Ph.D. "We are pleased that Mark has agreed to remain in the near-term as we commence a search for his replacement. I look forward to working with him and the broader management team to ens
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SOURCE PDL BioPharma, Inc.

Copyright©2007 PR Newswire.

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