REDWOOD CITY, CA--(Marketwire - May 06, 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.
