PDL BioPharma (NDAQ:PDLI) just can't seem to distance itself from the activist crowd. The pharmaceutical company already bent to shareholder pressures earlier this year when it forced its chief executive out of office and agreed to pursue a sale of the company. Now, activists are complaining that the company's financial advisor isn't suited for the job.

Highland Capital Management disclosed a 7 percent stake in the company today and disclosed a letter to the board recommending that the company engage a new financial advisor with substantial experience and competence to maximize the value of the company's pharmaceutical royalties.

"The recent sell down by your most vocal shareholder should not invite the Board of Directors to ignore its fiduciary duty to the company's owners," said Highland, referring to Daniel Loeb's Third Point, which recently sold its entire stake in the company.

Highland believes that Merrill Lynch - the company's current advisor - is not well qualified for the job. The firm said the investment banking firm appears incapable or unwilling to market the royalty stream to all appropriate buyers, which they believe will impair the value of the asset. Highland also provided a list of other firms that should be contacted - including themselves, of course.

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