PDL BioPharma Announces Effectiveness of Form 10 Registration Statement of Facet Biotech

• Press Release
• Source: PDL BioPharma, Inc.
• On 4:00 pm EST, Tuesday December 9, 2008

REDWOOD CITY, CA--(MARKET WIRE)--Dec 9, 2008 -- PDL BioPharma, Inc. (PDL) (NasdaqGS:PDLI - News) announced today that the Securities and Exchange Commission (SEC) has declared effective the Form 10 registration statement filed by PDL's wholly owned subsidiary, Facet Biotech Corporation.

Related Quotes Symbol Price Change PDLI 8.19 0.00 {"s" : "pdli","k" : "c10,l10,p20,t10","o" : "","j" : ""}

As PDL previously announced, the SEC's declaration of effectiveness is a necessary step for PDL's completion of the spin-off of Facet Biotech and distribution of Facet Biotech's shares of common stock to PDL's stockholders of record as of 5:00 p.m. Eastern Time on December 5, 2008. PDL plans to begin mailing to stockholders of record on December 5, 2008 an Information Statement with details about the Facet Biotech spin-off. PDL expects to complete the distribution and spin-off on December 18, 2008.

PDL also announced that Nasdaq has approved the listing of Facet Biotech's common stock on the Nasdaq Global Market. Upon completion of the spin-off, Facet Biotech's stock will trade under the symbol "FACT." 'When-issued' trading in shares of Facet Biotech common stock is expected to commence on Wednesday, December 10 under the symbol "FACTV." PDL expects Nasdaq to confirm the ex-dividend date shortly after the commencement of 'when-issued' trading.

Upon completion of the spin-off transaction, Facet Biotech will focus on advancing the company's current pipeline of four clinical-stage products, and leveraging the company's research and development capabilities to identify and develop new drugs.

Forward-looking Statements

This press release contains forward-looking statements, including regarding the timing and completion of expected events. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Factors that may cause differences between current expectations and actual results include, but are not limited to, the following:

 
--  The failure to obtain necessary regulatory approvals and consents from
    third parties could delay or make impractical the spin-off of PDL's
    biotechnology operations; and
--  Alternative transactions or opportunities could arise or be pursued
    which would alter the timing or advisability of anticipated or planned
    transactions.

Other factors that may cause PDL's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are discussed in PDL's filings with the SEC, including the "Risk Factors" sections of its annual and quarterly reports filed with the SEC. Copies of PDL's filings with the SEC may be obtained at the "Investors" section of PDL's website at www.pdl.com. PDL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in PDL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

About PDL BioPharma

PDL BioPharma, Inc. is a biotechnology company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. For more information, please visit http://www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc. Facet Biotech is considered a trademark of Facet Biotech Corporation.

     Contacts:
      
     Ami Knoefler
     Corporate and Investor Relations
     (650) 454-2331
     ami.knoefler@pdl.com
      
     Jean Suzuki
     Investor Relations
     (650) 454-2648
     jean.suzuki@pdl.com