Enzon Pharmaceutical CEO Steps Down

Pharmaceutical company did not give a reason for the departure of chief executive officer, Jeffrey Buchalter.

BRIDGEWATER, N.J. (AP) -- Enzon Pharmaceuticals said Monday that CEO Jeffrey Buchalter has resigned.

The company did not give a reason for the departure of Buchalter, 52.

A new executive committee of the board of directors formed to search for a replacement will be led by Chairman Alex Denner. Also on the committee are directors Richard Mulligan and Rolf Classon.

The committee will serve as CEO until a replacement is named.

In January, the company completed the sale of most of its business to Sigma-Tau Group, an Italian drugmaker, for about $327 million and royalties. Enzon is now focusing on its pipeline of potential products, which include cancer drugs.

Shares of Enzon Pharmaceuticals Inc. fell 12 cents to $9.30.

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