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Enzon Pharma shareholder opposes biotech business spin-off

Wed Nov 26, 2008 7:49am EST

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Nov 26 (Reuters) - Enzon Pharmaceuticals Inc's (ENZN.O) shareholder DellaCamera Capital said it was opposed to the spin-off of the company's biotechnology business.

DellaCamera, which reported a 7.6 percent stake in Enzon, also questioned allocating more than $150 million in cash and securities to the spin-off entity and said it would be much better if the company bought back a substantial amount of its shares and convertible bonds.

In a regulatory filing, DellaCamera said it engaged Moelis & Co LLC to explore alternatives regarding its investment in Enzon.

In May, DellaCamera had urged Enzon to explore strategic options, including a sale of the company. Enzon filed with U.S. regulators for the spin-off of its biotechnology business in July.

Enzon's shares, which have lost about 45 percent of their value over the last three months, closed at $4.84 Tuesday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Vinu Pilakkott)



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