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Highland Capital's interest in PDL BioPharma dips below 5%
By Lisa Kerner
Charlotte, N.C., Sept. 19 - Investors led by Highland Capital Management, LP cut their stake in PDL BioPharma, Inc. to 3.3% from 5.3% with the sale of 2,393,566 shares of the company's stock.
The shares were sold between Aug. 8 and Sept. 16 at prices from $10.26 to $12.50 per share, according to a schedule 13D filing with the Securities and Exchange Commission.
According to a prior SEC filing, the investors sold about 1.86 million shares of the company's stock on July 31 and Aug. 6.
Highland owns approximately 3.94 million shares of the Wilmington, N.C., pharmaceutical company's stock.
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