PDL BioPharma, defying a shareholder's call for a sale of the company, said it has abandoned plans to sell itself and announced another 260 job cuts as it moves to reduce costs.
The announcement came as PDL posted a narrower fourth-quarter loss as revenue tumbled 17%. In recent after-hours trading, the company's shares were at $14, down 21% from Tuesday's close.
Although PDL BioPharma said it sold off more than $525 million in assets during a strategic review, Chairman Karen A. Dawes said: "we did not receive a firm offer for the company as a whole or for our biotech R&D assets."
Dawes said "the completion of and planned distribution of proceeds from our strategic transactions, our expense reduction efforts, and our renewed focus on antibody discovery and development not only will maximize stockholder value, but also will enhance the opportunity for attractive partnering transactions in the future."
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