Enzon Pharma folds under pressure from shareholder activists

August 11th, 2008
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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.
For Detailed Investor Profiles on these Investors, click below:
DellaCamera Capital Management
Icahn Associates (Carl Icahn)
Related People: Alexander J. Denner; Andrew J. Kurtz; Brett Icahn; Carl Icahn; Keith A. Meister*; Ralph DellaCamera; Richard Mansouri
Related Entities: DellaCamera Capital Advisors; DellaCamera Capital Partners LP; DellaCamera Options Inc; High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Hedge Fund Launches and Hedge Fund Closings

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