REDWOOD CITY, CA--(Marketwire - November 06, 2008) - PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that its board of directors has appointed John P. McLaughlin to become president and chief executive officer (CEO) following the company’s planned spin-off of its biotechnology assets. Following the planned spin-off, McLaughlin will lead the remaining royalty company, which will continue to operate under the PDL BioPharma name. McLaughlin brings more than 20 years of biopharmaceutical leadership experience to the role. Effective immediately, the Board has appointed McLaughlin to be a special advisor to the company.
“John joined our board of directors in early October, and we are delighted to have him step into this expanded role to lead our royalty company operations, starting immediately to ensure a smooth transition,” said Brad Goodwin, chairman of PDL board of directors. “During his long career in healthcare, John has built a strong track record in managing intellectual property estates and is the ideal candidate to oversee the royalty company’s antibody humanization patents and related assets and to maximize their value for stockholders.”
As previously announced, Faheem Hasnain will become president and CEO of Facet Biotech Corporation, the new biotechnology company that will be created by the spin-off.
McLaughlin served as the chief executive officer and a director of Anesiva, Inc. from 2000 to 2008, and previously as president of Tularik, Inc. from December 1997 to September 1999. From September 1987 to September 1997, he held a number of senior management positions at Genentech Inc., including executive vice president and general counsel. From January 1985 to September 1987, McLaughlin was a partner at a Washington, D.C. law firm specializing in food and drug law. Prior to that, he served as counsel to various subcommittees in the United States House of Representatives. McLaughlin also co-founded and served as board chairman of Eyetech Pharmaceuticals, Inc. He currently serves as a director of Seattle Genetics, Inc. and co-founded and serves as a director of Peak Surgical, Inc. McLaughlin received a B.A. in Government from the University of Notre Dame and a J.D. from the Catholic University of America.
About PDL
PDL BioPharma, Inc. is a biotechnology company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. For more information, please visit www.pdl.com.
