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PDL BioPharma Announces Significant Strategic and Portfolio Changes to Focus on Antibody Discovery and Development
Date:8/28/2007

ternal development products. These products, and our valued employees who have supported them, have contributed to the company's revenue and cash flow growth in recent years," said Mark McDade, PDL's chief executive officer. "We believe we have created significant value in these important products and the supporting operations, and we're now looking for the right buyer that can build upon this value that has been created by PDL, while we move forward with implementation of our new strategic direction."

About PDL

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

This press release contains forward-looking statements, including regarding PDL's plans to change its strategic focus; sell its commercial assets, including its Cardene, Retavase and Busulfex product rights, and ularitide development-stage cardiovascular product; an anticipated workforce reduction; and the advancement of PDL's clinical antibody pipeline, each of which involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Factors that may cause differences between current expectations and actual results include, but are not limited to, the following: additional developments or decisions could cause PDL to alter its strategic focus; PDL may not be able to negotiate the sale of its commercial assets on terms acceptable to it; the consummation of any sale of commercial assets, even if on acceptable terms, could be adversely impacted or prevented by failure to satisfy closing conditions or regulatory delays; and PDL's success in advancing its pipeline could be adversely affected by failure or delay of clinical development programs, including because of delays in
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SOURCE PDL BioPharma, Inc.
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