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PDL BioPharma Announces Special Dividend Payment
Date:11/12/2009

INCLINE VILLAGE, Nev., Nov. 12 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced that it will pay a $200 million special dividend to stockholders, with part of the proceeds from the $300 million securitization transaction completed on November 2, 2009. All stockholders owning shares of PDL on December 1, 2009 will be paid a special dividend on December 15, 2009. As PDL has a significant amount of convertible securities outstanding, the amount of the dividend on a per share basis will be announced the day after the record date. The remaining net proceeds of $85 million will be used for working capital and other corporate purposes.

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 today and also may receive royalty payments on additional humanized antibody products launched before patent expiry 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 Statements

The foregoing statements regarding PDL's intentions with respect to the cash special dividend payment described above are forward-looking statements under the Private Securities Litigation Reform Act of 1995, and actual results could vary materially from the statements made. PDL's ability to pay the special dividend described above successfully is subject to various risks, many of which are outside its control, including prevailing conditions in the
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SOURCE PDL BioPharma, Inc.
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