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PDL Settles Litigation and Resolves Other Disputes
Date:2/28/2011

INCLINE VILLAGE, Nev., Feb. 28, 2011 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced that it has entered into a definitive settlement agreement with Novartis that resolves all disputes between them.  Under the settlement agreement, PDL agreed to dismiss its claims against Novartis in its action in Nevada court, which also includes Genentech, Inc. (Genentech) and F. Hoffmann-La Roche Ltd (Roche) as defendants. Novartis agreed to withdraw its opposition appeal in the European Patent Office challenging the validity of PDL's Queen patent in Europe. In addition, PDL agreed to pay Novartis certain amounts based on net sales of Lucentis made by Novartis during calendar year 2011 and beyond.

The settlement with Novartis does not affect PDL's claims against Genentech and Roche in the Nevada state court action.

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. 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 by leading pharmaceutical and biotechnology companies today based on patents which expire in late 2014. 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 Statement

This press release contains forward-looking statements. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements, including, for example, if Novartis or PDL fail to timely fulfill
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SOURCE PDL BioPharma, Inc.
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