PDL BioPharma Announces Closing of $300,000,000 Securitization Transaction

INCLINE VILLAGE, Nev., Nov. 2 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc.
(PDL) (Nasdaq: PDLI) today announced that it closed on its previously
disclosed $300 million securitization transaction intended to monetize certain
of its antibody humanization patents and royalties. Morgan Stanley & Co.
Incorporated acted as sole initial purchaser for the securitization.

Under the terms of the securitization transaction, PDL sold 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.

QHP issued $300 million in aggregate principal amount of its QHP PhaRMA(SM)
Senior Secured Notes due 2015 (the "Notes") in a non-registered offering
pursuant to Rule 144A. The Notes bear an interest rate of 10.25%. The
royalties and other payments, if any, that QHP will be entitled to receive
under the agreements with Genentech, together with any funds made available
from certain accounts of QHP, will be the sole source of payment of principal
of, and interest and premium on, the Notes, which are secured by a continuing
security interest granted by QHP in its rights to receive payments under such
agreements and all of its other assets and a pledge by PDL of its equity
ownership interest in QHP. The Notes may be redeemed at any time prior to
maturity, in whole or in part, at the option of QHP at a make-whole redemption
price.

PDL intends to use a sizable portion of the net offering proceeds from the
securitization transaction to pay a special cash dividend to shareholders.
The total and per share amount of the special dividend, together with the
record and payment dates, will be decided by the Company's Board of Directors
at its upcoming meeting on November 11, 2009 and will be announced the
following day. The amount of the special dividend on a per share basis will
be announced on the record date. PDL expects to pay the special dividend in
2009.

About PDL BioPharma

PDL 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. PDL is focused on maximizing the value of its
antibody humanization patents and related assets. The company receives
royalties on sales of a number of humanized antibody products marketed today
and also may receive royalty payments on additional humanized antibody
products launched before patent expiry in late 2014. For more information,
please visit www.pdl.com.

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

Forward-looking Statements

The foregoing statements regarding PDL's intentions with respect to the cash
dividend payment described above are forward-looking statements under the
Private Securities Litigation Reform Act of 1995, and actual results could
vary materially from the statements made. PDL's ability to complete the
transactions and cash dividend payment described above successfully is subject
to various risks, many of which are outside its control, including prevailing
conditions in the capital markets and other risks and uncertainties as
detailed from time to time in the reports filed by PDL with the Securities and
Exchange Commission.

SOURCE PDL BioPharma, Inc.

Cris Larson of PDL BioPharma, Inc., +1-775-832-8505, Cris.Larson@pdl.com; or
Danielle Bertrand of WeissComm Partners, +1-415-946-1056,
dbertrand@wcpglobal.com, for PDL BioPharma, Inc.