Navigation Links
PDL BioPharma Announces Adjusted Conversion Rates for Its Convertible Notes
Date:12/7/2011

INCLINE VILLAGE, Nev., Dec. 7, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for its:

  • 2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 155.354 shares of common stock per $1,000 principal amount or approximately $6.44 per share, effective December 9, 2011; and
  • 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 135.9849 shares of common stock per $1,000 principal amount or approximately $7.35 per share, effective December 6, 2011.

The conversion rates for the two Notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 15, 2011, to all stockholders who own shares of PDL on December 8, 2011, the record date.

(Logo: http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

February 2015 Notes

The conversion rate for the February 2015 Notes was previously 151.713 shares of common stock per $1,000 principal amount of the February 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the five consecutive trading days immediately preceding the ex-dividend date of December 6, 2011, for the cash dividend, and the denominator of which is the difference of such average closing price less the dividend amount.

May 2015 Notes

The conversion rate for the May 2015 Notes was previously 132.6682 shares of common stock per $1,000 principal amount of the May 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the 10 consecutive trading days immediately preceding the ex-dividend date of December 6, 2011, for the cash dividend, and the denominator of which is the difference of such average closing price less the dividend amount.

About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new royalty bearing assets and maximizing the value of its patent portfolio and related assets. For more information, please visit www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

Forward-looking Statements
The foregoing statements regarding PDL's intentions with respect to the cash dividend payment described above constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Important factors that could impair the value of the Company's royalty assets and limit the Company's ability to pay dividends are disclosed in the risk factors contained in the Company's 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2011, and updated by subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Keryx Biopharmaceuticals, Inc. Announces Upcoming Poster Presentations of Zerenex™ (Ferric Citrate) at the Upcoming American Society of Nephrology Kidney Week 2011 Annual Meeting
2. Windhover Announces the "Top Biopharma Projects to Watch"
3. Sutro Biopharma to Present its Biochemical Protein Synthesis Technology at BioProduction Conference 2011 in Berlin
4. Inspiration Biopharmaceuticals Announces Acceptance of European Marketing Authorization Application for IB1001 for the Treatment of Hemophilia B
5. Keryx Biopharmaceuticals Announces Completion of Patient Enrollment in Zerenex™ (Ferric Citrate) Phase 3 Long-Term Study
6. Planet Biopharmaceuticals, Inc. Appoints Theron (Ted) Odlaug, Ph.D. as Executive Chairman
7. Genesis Biopharma Signs Cooperative Research and Development Agreement With the National Cancer Institute to Develop Cancer Immunotherapies
8. Keryx Biopharmaceuticals Announces Completion of Patient Enrollment in KRX-0401 (Perifosine) Phase 3 Refractory Advanced Colorectal Cancer Study
9. Genesis Biopharma Names Former Member of the Joint Chiefs of Staff General Merrill McPeak to Board of Directors
10. PDL BioPharma Announces Second Quarter 2011 Financial Results on July 27, 2011
11. Genesis Biopharma Names David Voyticky to Board of Directors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... , Feb. 5, 2016 On Thursday, February ... information source for community, health and disaster services, and ... will integrate to enhance care coordination and service delivery ... services they need and to better connect service providers ... San Diego has handled ...
(Date:2/4/2016)... - New FDA action date of July ... of July 22, 2016   --> ... 2016   - Lifitegrast has the potential to ... treatment of signs and symptoms of dry eye disease in adults ... the only product approved in the U.S. in the past decade indicated for the treatment ...
(Date:2/4/2016)... , Feb. 4, 2016 Beike Biotechnology, ... various medical institutions attended a ceremony in late 2015 ... personalized cell therapy in 2016. --> ... Clinical Translation Platform for Personalized Cell Therapy" was hosted ... Cell Production Center, both subsidiaries of Beike Biotechnology Co., ...
(Date:2/4/2016)... -- ContraVir Pharmaceuticals, Inc. (NASDAQ: CTRV ), a ... targeted antiviral therapies, announced today that it will present ... held February 8-9, 2016, at the Waldorf Astoria New ... Healthcare Conference, taking place in New York ... Sapirstein , Chief Executive Officer of ContraVir, will provide ...
Breaking Biology Technology:
(Date:2/2/2016)... , Feb. 2, 2016 Checkpoint Inhibitors ... Rising Market Are you interested in the ... revenues for checkpoint inhibitors. Visiongain,s report gives those ... product and national level. Avoid falling behind ... progress, opportunities and revenues those emerging cancer therapies ...
(Date:2/1/2016)... Rising sales of consumer electronics ... intuitive gesture control market size ... consumer electronics coupled with new technological advancements to drive ... through 2020   --> ... advancements to drive global touchfree intuitive gesture control market ...
(Date:1/27/2016)... Ohio , Jan. 27, 2016  Rite Track, ... based in West Chester, Ohio ... award winning service staff, based in Austin, ... capacity and ability to provide modifications, installations and technical ... Dovalina , CEO of PLUS, commented, "PLUS has provided ...
Breaking Biology News(10 mins):