Navigation Links
PDL BioPharma Announces December 15 Special Dividend Payment of $1.67 per Share
Date:12/2/2009

INCLINE VILLAGE, Nev., Dec. 2 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced that it has established the per share amount of the previously announced $200 million special dividend as $1.67 per share. The dividend will be paid on December 15, 2009 to all holders of the Company's stock as of the December 1, 2009 record date. NASDAQ had previously estimated the approximate per share amount of the dividend at $1.67 per share of common stock for purposes of the ex-dividend date on November 27, 2009.

Conversion Rate Adjustments for Convertible Notes

In connection with this special dividend payment PDL has adjusted the conversion rates of its 2.00% Convertible Senior Notes Due February 15, 2012 (the 2012 Notes) and its 2.75% Convertible Subordinated Notes Due August 16, 2023 (the 2023 Notes), effective December 2, 2009.

The conversion rate for the 2012 Notes, as adjusted, is 119.294 shares of common stock per $1,000 principal amount or $8.38 per share. The conversion rate for the 2012 Notes was previously 94.447 shares of common stock per $1,000 principal amount of the 2012 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the five consecutive trading days immediately preceding the ex-dividend date for the cash dividend, and the denominator of which is the difference of such average closing price less the dividend amount.

The conversion rate for the 2023 Notes, as adjusted, is 164.7254 shares of common stock per $1,000 principal amount or $6.07 per share. The conversion rate for the 2023 Notes was previously 131.0339 shares of common stock per $1,000 principal amount of the 2023 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the ten consecutive trading days immediately preceding the record date for the cash dividend and the denominator of which is the difference of such average closing price less the dividend amount. In determining the ten-day average closing price, the closing price is adjusted upward by the amount of the dividend for the days on which the stock traded ex-dividend.

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 is subject to various risks, many of which are outside its control, including prevailing conditions in the capital markets, the continued strength of its royalty assets and other risks and uncertainties as detailed from time to time in the reports filed by PDL with the Securities and Exchange Commission.

SOURCE PDL BioPharma, Inc.


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. WallSt.net (www.wallst.net) Updates the Investment Community Through an All-New Interview With RegeneRx Biopharmaceuticals CEO
2. Nabi Biopharmaceuticals Announces Second Quarter 2007 Financial Results
3. Nabi Biopharmaceuticals Announces Continued Positive NicVAX Phase 2b Data at Nine Months
4. Keryx Biopharmaceuticals to Present at William Blair & Company Small-Cap Growth Stock Conference
5. Morria Biopharmaceuticals Plc Initiates Phase I Clinical Study of MRX-4 in Allergic Rhinitis
6. Keryx Biopharmaceuticals, Inc. Announces Positive Preliminary Phase 2 Data on KRX-0401 in Patients with Chemo-Insensitive Rare Sarcoma
7. Nabi Biopharmaceuticals Announces Successful Completion of NicVAX(R) Phase 2b Trial; Drug Shows Statistically Significant Rates of Smoking Cessation and Continuous Long-Term Smoking Abstinence at 12 Months
8. Inspiration Biopharmaceuticals Announces Filing of IND for Novel Recombinant Factor IX Product, IB1001, for the Treatment of Hemophilia B
9. Immunosyn Announces Biozyme Labs Receipt of MHRA Manufacturing License Approval in Europe for the Biopharmaceutical SF-1019
10. Keryx Biopharmaceuticals, Inc. Announces Phase 1 and Phase 2 Data on KRX-0401 (Perifosine) in Patients with Relapsed/Refractory Multiple Myeloma at 49th Annual Meeting of American Society of Hematology
11. XTL Biopharmaceuticals Presents Data Regarding its Hepatitis C Virus Small Molecule Program at Hep Dart 2007 - an International Scientific Conference on Viral Hepatitis
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2016)... , December 2, 2016 ... Vitro Diagnostics/IVD Market by Product (Instruments, Reagents, Software), ... (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases) - Forecast ... is valued at USD 60.22 Billion in 2016. ... CAGR of 5.5% during the forecast period (2016-2021) ...
(Date:12/2/2016)...  PipelineRx, a leading medication management technology company ... of its SaaS-based telepharmacy platform, PowerGridRx™ , ... Midyear Clinical Meeting and Exhibition, December 5-7 in ... 300 hospital clients nationally, the Company is a ... dramatically improve pharmacy operations, enhance patient safety, and ...
(Date:12/2/2016)... -- On Thursday, December 1st 2016, the ... development and innovation in the biopharmaceutical industry at its ... the presence of Sergey Tsyb, Vice Minister of Industry ... , Natalia Sanina, First Vice Chairman of the State ... Roszdravnadzor, National Service of Control in Healthcare, Sergey Muravev, ...
Breaking Medicine Technology:
(Date:12/2/2016)... OH (PRWEB) , ... December 02, 2016 , ... ... of veterinarian diagnostic imaging systems and the first company to offer ... With a Heart at their tradeshow booth # 941 for the American Association ...
(Date:12/2/2016)... ... December 02, 2016 , ... Yisrayl Hawkins, at The House of Yahweh in ... fits into Bible Prophecy. Yisrayl says this generation, known as the Last Generation, started ... how the details line up exactly with Bible Prophecy – a protected way for ...
(Date:12/2/2016)... ... December 02, 2016 , ... On ... individuals and families from eight different sites throughout Miami-Dade and Broward counties. This ... volunteers worked very hard on Thanksgiving morning by putting together individual meals via ...
(Date:12/2/2016)... ... 2016 , ... ‘Tis the season for giving! Today, 20 creative teams across ... Partnership and the Drug Enforcement Administration as part of the National Red Ribbon Week ... schools who decorated their campuses with this year’s Red Ribbon Week theme: “YOLO. Be ...
(Date:11/30/2016)... ... November 30, 2016 , ... "I hate when the mixture of saliva ... teeth," said an inventor from Bridgewater, N.J. "I thought that there had to be ... , He developed the patent-pending DEFLECTOR to prevent saliva and toothpaste from running down ...
Breaking Medicine News(10 mins):