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PDL BioPharma Announces Internal CEO Investigation Found No Credible Evidence of Improper Personal Conduct or Breach of Fiduciary Duty
Date:8/20/2007

ure a rapid and smooth transition that positions PDL for its next phase of growth and maximizes stockholder value."

To assist during the transition period until the appointment of a new CEO, Dr. Gage will assume the role of executive chairman, taking on an executive leadership role at the company and working with the management team on behalf of the board. In carrying out this role, Dr. Gage will consult regularly with the board and with individual board members on matters based on their specific areas of functional expertise.

Dr. Gage brings more than three decades of research, development, manufacturing and general management experience in the biopharmaceutical industry, including various positions in research management during his more than 18 years with Roche and general management with Genetics Institute and Wyeth. He has served on PDL's board since early 2003.

PDL BioPharma, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing innovative therapies for severe or life-threatening illnesses. For more information, please visit http://www.pdl.com.

Forward-looking Statements

The information in this press release should be considered accurate only as of the date of this press release. PDL has no intention of updating and specifically disclaims any duty to update the information in this press release for any reason, except as required by law, even as new information becomes available or other events occur in the future. This press release contains "forward-looking statements" that are based on current expectations and assumptions that are subject to risks and uncertainties. The actual results may differ materially from those in the forward-looking statements because of various factors, risks and uncertainties. For further information regarding factors, risks and uncertainties that may cause such differences, please refer to the filings PDL has made with t
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SOURCE PDL BioPharma, Inc.

Copyright©2007 PR Newswire.

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