PDL BioPharma Announces Conversion Rate Adjustments for Its Convertible Notes

PDL BioPharma, Inc.

today announced adjustments to the conversion rates for: * The 2.875% Convertible Senior Notes due February 15, 2015, effective September 9, 2011; and * The 3.75% Convertible Senior Notes due May 1, 2015 , effective September 6, 2011, in connection with the regular dividend of $0.15 to be paid on September 15, 2011, to all stockholders who own shares of PDL on September 8, 2011, the record date.