Enzon Pharma folds under pressure from shareholder activists
|August 11th, 2008||
|Today, Enzon Pharmaceuticals (ENZN) announced that it would give into shareholder activists' demands and try to sell all or parts of its commercial business, which include four marketed drugs, royalties and a manufacturing plant in Indiana. The company is also attempting to spin off its biotech research arm as its own company called Evivrus Inc, although the company will remain a wholly owned subsidiary of Enzon.|
Enzon has been the target of shareholder activists Carl Icahn (7% stake in ENZN) and DellaCamera Capital Management (6.4% stake in ENZN), Both of these hedge fund firms have critical of ENZN's executive compensation and both have been pushing for a sale of its commercial businesses.
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