PDL BioPharma, Inc. Appoints Christine Larson as VP and CFO

INCLINE VILLAGE, NV--(Marketwire - December 18, 2008) - PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that its board of directors has appointed Christine Larson, CPA, as its vice president and chief financial officer (CFO). Larson brings more than 20 years of experience as a financial professional to the role.

“Cris began working for PDL in early October on a consulting basis, and we are pleased that she has accepted this key position following today’s completion of the spin-off of our biotechnology assets,” said John McLaughlin, president and chief executive officer of PDL. “Her background in corporate finance and investment banking brings a breadth of experience that furthers our ability to manage our royalty assets and maximize PDL’s return to its stockholders.”

Previously, Larson served as a senior manager/director at Grant Thornton, LLP in their Mergers and Acquisitions Advisory group. Prior to that time, Larson was chief financial officer for TWL Corporation, a publicly held, technology-enabled learning company. From 1985 to 1998, Larson was with Bank of America Corporation, most recently as a senior vice president and managing director and was responsible for business development in their Global Capital Markets group. In this role, she established Bank of America’s equity derivatives business and structured a strategic alliance with a major New York-based investment firm involving a $1 billion plus recapitalization of the firm.

Until June 2008, she served as a Board Officer and Vice President of Finance for the California Alumni Association, University of California, Berkeley. Larson also serves on the Audit Committee for George Mark Children’s House. She received a B.S. in Food and Nutritional Sciences from the University of California, Berkeley, and an M.B.A. from California State University, East Bay. Larson is a Certified Public Accountant in the State of California.

About PDL BioPharma

PDL BioPharma pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. The company is focused on maximizing the value of its antibody humanization patents and related assets. For more information, please visit www.pdl.com.

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