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PDL BioPharma CEO will quit despite being cleared of misconduct

US-based biopharmaceutical company PDL BioPharma has revealed that Mark McDade will quit his position as CEO of the company by the end of 2007 for personal reasons, despite being cleared in an internal company investigation into accusations of improper personal conduct and breach of fiduciary duty.

US-based biopharmaceutical company PDL BioPharma has revealed that Mark McDade will quit his position as CEO of the company by the end of 2007 for personal reasons, despite being cleared in an internal company investigation into accusations of improper personal conduct and breach of fiduciary duty.

The original investigation examined an alleged relationship between McDade and another company officer that was said to create a conflict of interest. It also probed allegations that McDade had kept information about another company interested in buying PDL from the board of directors.

The company said its board audit committee, assisted by two independent law firms, concluded that the evidence did not support either allegation.

PDL's chairman, Patrick Gage, will take the job of executive chairman until a new CEO is appointed. Gage has been on the company's board since 2003.

The companys largest shareholder, Third Point LLC, had lobbied for McDades to be fired, accusing him of failing to close a potential deal with a large pharmaceutical company, and adding that the company missed earnings and sales projections.

In April 2007, PDL's chairman and director Max Link resigned as chairman in what was termed by the company as a mutual decision to avoid a conflict of interest regarding PDLs litigation with Alexion Pharmaceuticals.

Link is chairman of Alexion, while PDL has filed a patent infringement lawsuit against the company.

21st August 2007

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