PDL to sell rights to drugs, cut related jobs
FREMONT, Calif. PDL BioPharma will sell the rights to four of its drugs and cut at least 250 jobs as the company moves it focus away from cardiovascular drugs to oncology and select immunological diseases.
The four drugs to be sold are Cardene, Ularitide, Retavase and IV Busulfex. The drugs produced $187.2 in revenue in the year ending June 30. The 250 jobs would be eliminated as a result of selling the drugs, but more job cuts could be expected as the company shifts its focus to diseases like multiple sclerosis.
The company has been under fire recently by its shareholders for keeping Mark McDade as chief executive officer even though he moved the company to a more expensive location and for being in charge while the company missed earnings and sales projections.