Third Point liquidated its stake in PDL BioPharma as a result of being denied a seat on the board of the California company.

Third Point sold its remaining stock in PDL, according to a filing. A month ago, Third Point revealed it had lowered its stake in PDL to 5.1% from 9.7% after being rebuffed.

In a letter, Third Point Chief Executive Officer Daniel Loeb said he felt “encouraged” with the decision to sell the company, but said he wanted greater involvement in the process. The biopharmaceutical outfit had been plagued with poor performance as well as the troubled tenure of its chief executive officer, prompting its sale last month.

Despite being denied a seat on the PDL board, Loeb, a manager noted for his aggressive shareholder activism, spearheaded a successful campaign for the ouster of former PDL Chief Executive Officer Mark McDade.

McDade resigned in August amid doubt about his leadership. Loeb had lambasted the erstwhile CEO for what he characterized as “pathological selfishness and poor business judgment.”

McDade said he would remain onboard at the company until the end of the year. Chairman Patrick Gage has meanwhile assumed the role of CEO.

Despite the departure of Third Point, PDL is still hounded with hedge fund-based shareholder activism.

Highland Capital Management, allied with Third Point in its proxy fight against PDL, has a 5.2% stake in the company.

Like Third Point, Dallas-headquartered Highland had pressured PDL to sell itself. Highland had also clamored for the ouster of McDade and is pushing for the resignation of Gage.

In addition to Highland, $14 billion Connecticut-based hedge fund firm SAC Capital is a passive owner.