PDL BioPharma Announces Adjusted Conversion Rates for Its Convertible Notes

PDL BioPharma, Inc. (NASDAQ: PDLI) today announced that the adjusted conversion rate for its:

2.875% Convertible Senior Notes due February 15, 2015 (February 2015 Notes) is 155.354 shares of common stock per $1,000 principal amount or approximately $6.44 per share, effective December 9, 2011; and

3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes) is 135.9849 shares of common stock per $1,000 principal amount or approximately $7.35 per share, effective December 6, 2011.

The conversion rates for the two Notes are adjusted in connection with the regular quarterly dividend of $0.15 to be paid on December 15, 2011, to all stockholders who own shares of PDL on December 8, 2011, the record date.