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PDL BioPharma: PDL BioPharma Announces Conversion Rate Adjustment for Its 2.75% Convertible Subordinated Notes Due August 16, 2

^{Published on 2009-03-19 05:04:28, Last Modified on 2009-03-19 05:04:56 - Market Wire}
 

INCLINE VILLAGE, NV--(Marketwire - March 19, 2009) - PDL BioPharma, Inc. (PDL) (NASDAQ: [ PDLI ]) today announced an adjustment to the conversion rate for its 2.75% Convertible Subordinated Notes due August 16, 2023 (the "Notes"). The conversion rate, as adjusted, is 123.715 shares of common stock per $1,000 principal amount, effective March 17, 2009. The conversion rate for the Notes was previously 114.153 shares of common stock per $1,000 principal amount of the Notes.

On March 2, 2009, PDL announced a cash dividend of $0.50 per share of its common stock, payable to stockholders of record on March 16, 2009. In connection with the 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, as determined in accordance with the indenture governing the Notes, of PDL's common stock for the ten consecutive trading days immediately preceding March 16, 2009, the record date for the cash dividend, and the denominator of which is the difference of such average closing price less $0.50.

About PDL BioPharma

PDL BioPharma, Inc. pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and autoimmune diseases. This press release and further information about PDL BioPharma, Inc. can be found at: [ www.pdl.com ].

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.