PDL BioPharma, Inc. Announces Record Date for Spin-Off of Biotechnology Operations

REDWOOD CITY, CA--(Marketwire - November 19, 2008) - PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) announced today that its board of directors has set December 3, 2008 as the record date for the spin-off of PDL's biotechnology operations, which will be accomplished through a pro rata stock dividend to PDL's stockholders of the common stock of Facet Biotech Corporation. Each PDL stockholder of record as of 5:00 p.m. Eastern Time on December 3, 2008 will receive on the distribution date one share of Facet Biotech common stock for every five shares of PDL common stock. The company expects Facet Biotech will trade on Nasdaq under the symbol "FACT" after the spin-off.