Ligand Prospers In Stripped-Down Mode
On his first day as chief executive of Ligand Pharmaceuticals in January 2007, John Higgins was shown into a conference room in the biotech firm’s 135,000-square-foot San Diego headquarters. Inside was a table so mammoth, Higgins recalls, “you could practically land a corporate jet on it.”
The new CEO immediately instructed the head of facilities to find a carpenter and cut it up into smaller tables. Higgins wasn’t some scientist-turned-empire builder trying to make Ligand into the next Amgen or Genentech. He was a hit man, brought in amid a raid by activist Daniel Loeb of Third Point LLC to stem the losses at the once-promising biotech firm and turn whatever was left into quick cash.
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The new CEO immediately instructed the head of facilities to find a carpenter and cut it up into smaller tables. Higgins wasn’t some scientist-turned-empire builder trying to make Ligand into the next Amgen or Genentech. He was a hit man, brought in amid a raid by activist Daniel Loeb of Third Point LLC to stem the losses at the once-promising biotech firm and turn whatever was left into quick cash.
Hey, check out all the research scientist jobs. Post your resume today!