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PDL BioPharma to Actively Seek Sale of Entire Company or Its Key Assets
Date:10/1/2007

chaired by board member Joseph (Skip) Klein, will oversee the strategic transaction process. As stated previously, Merrill Lynch & Co. has been engaged as the company's financial advisor and has been authorized to actively seek proposals that will maximize stockholder value.

Biographies of Ms. Dawes, Dr. Gage and Mr. Klein are available in the "Corporate Governance" section of the company's website.

Forward-looking Statements

This press release contains forward-looking statements, including regarding the company's plans to actively seek offers for the sale of the company as a whole or of its key assets and to continue the process for the potential sale of its commercial products and the advancement of PDL's business, 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 the company or its key assets, including its commercial assets, on terms acceptable to it; the consummation of any transaction, even if on acceptable terms, could be adversely impacted or prevented by failure to satisfy closing conditions, regulatory delays or other developments; failure to retain key employees, increased competition, adverse market conditions and failure to develop, protect or license intellectual property rights could adversely impact the advancement of PDL's research efforts, drug development activities and commercial sales efforts; and PDL's success in advancing its pipeline could also be adversely affected by failure or delay of clinical development programs, including because of delays in contracting with clinical sites, enrollment rates, availability of clinical materials or safety or manufacturing issues.
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SOURCE PDL BioPharma, Inc.
Copyright©2007 PR Newswire.
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