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PDL BioPharma Appoints Peter Garcia as Chief Financial Officer
Date:4/30/2013

INCLINE VILLAGE, Nev., April 30, 2013  /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the Company has appointed Peter S. Garcia to the position of vice president, chief financial officer (CFO) and acting chief accounting officer, effective as of May 13, 2013.  Mr. Garcia has spent the last 16 years in various CFO positions for biotechnology companies. He joins PDL from BioTime, Inc. (NYSE MKT: BTX) where he served as CFO since 2011.

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"Peter is a welcome addition to our management team. His depth of experience in managing financial reporting for public biotech companies as well as his proven ability to negotiate and structure transactions will be invaluable to PDL," stated John P. McLaughlin , president and chief executive officer of PDL.   

"I am excited to join PDL at this point in the company's journey," stated Mr. Garcia.  "PDL has a leadership team that is committed to returning value to its shareholders, both through dividend payments as well as through the acquisition of income generating assets. Significant progress has been made over the past year to generate additional income for PDL, and I look forward to participating in continued value creation." 

Peter S. Garcia most recently served as CFO of BioTime, Inc., which he joined in 2011. Between the years of 1996 and 2011, Mr. Garcia was CFO of six biotech and high-tech companies, including Marina Biotech, Nanosys, Nuvelo, Novacept, IntraBiotics Pharmaceuticals and Dendreon Corporation. While at these companies, he raised over $550 million, led multiple merger an
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SOURCE PDL BioPharma, Inc.
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