Enzon (ENZN) Holder DellaCamera Capital Wants Banker Hired To Explore Sale of Commercial Operations
DellaCamera said, "the significant cash-generating ability of the commercial operations makes them highly financeable and the synergies that a strategic buyer could bring to the mix are significant." The said a myriad of creative transactions that could be effected.
DellaCamera said Enzon's cost structure is inordinately high and they believe that there are at least $25 million of excess SG&A expenses that could be eliminated should the Company pursue a rationalization of its commercial operations. DellaCamera also said the compensation of the top-five executives seem excessive.
DellaCamera also said they want assurances that the Company will not use the biotechnology business spin-off as a defense mechanism to discourage potential buyers from seeking to purchase the entire Company.
Activist investor Carl Icahn has also been involved with Enzon.