If you plan on finding a replacement host check out this article...
http://www.garf.org/39/fish/pict.html
Bubble tips can be annoying in a reef especially one that is packed with corals. My clowns refuse to pair as they are not the same type so the perc has claimed the bubbletip while the saddleback is hosting a candy cane, xenia and a hairy mushrooms. I have heard they will host anything given time.
That looks like a condy you have, and it appears to be splitting.