PDL BioPharma Announces Pricing of $300,000,000 Securitization Transaction (PDLI

PDL BioPharma, Inc. (Nasdaq: PDLI) today announced that it has priced a $300 million securitization transaction intended to monetize certain of its antibody humanization patents and royalties.

Upon closing of the transaction, which is expected to occur on Monday, November 2, 2009, PDL will sell to QHP Royalty Sub LLC ("QHP"), a newly-formed wholly-owned subsidiary of PDL, certain rights under its non-exclusive license agreements with Genentech, Inc., a wholly-owned subsidiary of Roche Holding, Ltd., including the right to receive 60% of the royalties from sales of Avastin® (Bevacizumab), Herceptin® (Trastuzumab), Lucentis® (Ranibizumab) and Xolair® (Omalizumab) and from sales of future products, if any, for which Genentech may take a license under the related agreements with Genentech.