PDL BioPharma names new president and CEO

Sep 26, 2008 (Datamonitor via COMTEX) -- PDLI | Quote | Chart | News | PowerRating -- PDL BioPharma, a biotechnology company, has appointed Faheem Hasnain as its new president, CEO and director of the company, effective October 1, 2008.

Following the company's planned separation of its biotechnology and royalty operations, Mr Hasnain will become the president and CEO of the spin-off company, which will be known as Facet Biotech.

Mr Hasnain has served at Biogen Idec from 2004 to 2008, most recently as its executive vice president of oncology/rheumatology strategic business unit.

PDL also has a search ongoing for a CEO to lead the royalty focused entity, which will retain the PDL BioPharma name, subsequent to the planned spin-off transaction.

Brad Goodwin, chairman of board of directors at PDL BioPharma, said: "Faheem's impressive leadership abilities, as well as his deep experience in oncology-focused biologics, will help Facet Biotech deliver on its mission to discover and develop antibody therapeutics targeting oncology and immunologic disease."

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