REDWOOD CITY, Calif. (AP) -- PDL BioPharma Inc. said Thursday that after it finishes spinning off its biotechnology assets, John McLaughlin will become president and chief executive of the remaining company.
McLaughlin, 57, joined the company's board of directors in October and has worked at biopharmaceutical and biotechnology companies including Genentech Inc. and Anesiva Inc.
PDL is in the process of spinning off its biotechnology development arm into a company called Facet Biotech Corp. In September, it said Faheem Hasnain will lead that company. Hasnain, 50, is currently PDL's president and CEO, and previously worked at Biogen Idec Inc., Bristol-Myers Squibb Co. and GlaxoSmithKline PLC.
McLaughlin will lead PDL BioPharma, which will help fund Facet and collect milestone payments and royalty revenue on drugs PDL has already licensed and will license in the future.
In afternoon trading, PDL shares rose 2 cents to $9.74.