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PDL BioPharma Announces Conversion Rate Adjustment for Its 2.00% Convertible Senior Notes Due February 15, 2012

INCLINE VILLAGE, Nev., Sept. 18 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced an adjustment to the conversion rate for its 2.00% Convertible Senior Notes due February 15, 2012 (the "Notes"). The conversion rate, as adjusted, is 94.447 shares of common stock per $1,000 principal amount of the Notes, effective September 18, 2009. The conversion rate for the Notes was previously 89.165 shares of common stock per $1,000 principal amount of the Notes.

On March 2, 2009, PDL announced a cash dividend of $0.50 per share of its common stock, payable to stockholders of record on September 17, 2009. In connection with the 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 September 15, 2009, the ex-dividend date for the cash dividend, and the denominator of which is the difference of such average closing price less $0.50.

About PDL BioPharma, Inc.

PDL BioPharma 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. PDL is focused on maximizing the value of its antibody humanization patents and related assets. The company receives royalties on sales of a number of humanized antibody products marketed today and also may receive royalty payments on additional humanized antibody products launched before patent expiry in late 2014. For more information, please visit

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

SOURCE PDL BioPharma, Inc.
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