SOURCE: PDL BioPharma

May 06, 2008 08:00 ET

PDL Biopharma Announces Conversion Rate Adjustment for 2.00% Convertible Senior Notes Due February 15, 2012

REDWOOD CITY, CA--(Marketwire - May 6, 2008) - PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced an adjustment to the conversion rate for its 2.00% Convertible Senior Notes due February 15, 2012 (the "Notes"), as a result of its previously announced special cash dividend of $4.25 per share of its common stock. The conversion rate, as adjusted, is 61.426 shares of common stock per $1,000 principal amount of the Notes, effective May 6, 2008. The conversion rate for the Notes was previously 42.219 shares of common stock per $1,000 principal amount of the Notes.

In connection with the special cash dividend, which was payable to stockholders of record on May 5, 2008 using proceeds from recent asset sales, 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 May 6, 2008, the ex-dividend date for the special cash dividend, and the denominator of which is the difference of such average closing price less $4.25.

About PDL BioPharma

PDL BioPharma, Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. For more information, please visit http://www.pdl.com.

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

Contact Information

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