12:00 AM
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May 14, 2007
 |  BioCentury  |  Finance

Queen moves in PDL chess game

Cary Queen, the co-founder of PDL Biopharma Inc., has stepped into the debate over corporate strategy at PDLI, aligning himself with hedge fund Third Point's campaign to oust CEO Mark McDade.

Queen was with PDLI for 15 years, primarily as head of its research department and then as a director. In February 2006 he became a consultant to the antibody company.

Last week, Queen posted an open letter to a web site and released it on a wire service. His letter to the company's board called for "a new direction at PDL that emphasizes efficiency, focus on product development, and profitability, under the leadership of a new Chief Executive Officer."

In this view, Queen told Ebb & Flow, things began to go wrong "almost from the beginning and certainly within the first year" of McDade's tenure as CEO, which began about four and a half years ago. "There was a significant exodus of skilled personnel from the company because he was attempting to industrialize the company's research department, which was quite science-based," said Queen.

But the rap on PDLI - and the reason McDade was recruited - was that...

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