INCLINE VILLAGE, NV--(Marketwire - March 17, 2009) - 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”). The conversion rate, as adjusted, is 89.165 shares of common stock per $1,000 principal amount of the Notes, effective March 17, 2009. The conversion rate for the Notes was previously 82.162 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 of PDL’s common stock for the five consecutive trading days immediately preceding March 12, 2009, the ex-dividend 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.
Contact:
David Carey
Lazar Partners
212-867-1768
