SEC Filing | PDL BioPharma, Inc.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2)* PDL BioPharma, Inc. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 69329Y104 (CUSIP Number) December 31, 2009 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) - ---------------- *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 15

CUSIP No. 69329Y104 13G Page 2 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge International LLC - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.78% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 3 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS STAR L.P. (a statistical arbitrage strategy) - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER $38,501 shares of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER $38,501 shares of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON $38,501 shares of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.03% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 4 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge Statistical Market Neutral Fund - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 90 shares of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 90 shares of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 90 shares of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.00% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 5 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 6 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS SGAM AI Equity Fund - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Luxemburg - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 1 share of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 1 share of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1 share of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.00% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 7 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge Statistical Opportunities Master Fund, L.P. - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 8 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge Convertible Opportunities Master Fund, L.P. - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands, British West Indies - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 9 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Highbridge Capital Management, LLC - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.81% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 10 of 16 Pages - ------------------------------------------------------------------------------ (1) NAMES OF REPORTING PERSONS Glenn Dubin - ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) [X] (b) [ ] - ------------------------------------------------------------------------------ (3) SEC USE ONLY - ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES --------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock OWNED BY --------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING --------------------------------------------------------------- PERSON WITH (8) SHARED DISPOSITIVE POWER $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock - ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012, convertible into 4,706,132 shares of Common Stock 38,592 shares of Common Stock - ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.81% - ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ------------------------------------------------------------------------------

CUSIP No. 69329Y104 13G Page 11 of 16 Pages This Amendment No. 2 (this "Amendment") amends the statement on Schedule 13G filed on May 15, 2008, as amended by Amendment No. 1 filed on February 13, 2009 (the "Original Schedule 13G" and the Original Schedule 13G as amended, the "Schedule 13G") with respect to shares of common stock, par value $0.01 per share (the "Common Stock") of PDL BioPharma, Inc., a Delaware corporation (the "Company"). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Schedule 13G. This Amendment amends and restates Items 2(a), 2(b), 2(c), 4 and 5 in their entirety as set forth below. Item 2(a). Name of Person Filing Item 2(b). Address of Principal Business Office Item 2(c). Citizenship Highbridge International LLC ---------------------------- c/o Harmonic Fund Services The Cayman Corporate Centre, 4th Floor 27 Hospital Road Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies STAR, L.P. (a statistical arbitrage strategy) ---------------------------------------------- c/o Harmonic Fund Services The Cayman Corporate Centre, 4th Floor 27 Hospital Road Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge Statistical Market Neutral Fund ------------------------------------------ c/o Highbridge Capital Management, LLC 40 West 57th Street, 33rd Floor New York, New York 10019 Citizenship: State of Delaware Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. --------------------------------------------------------------- c/o Harmonic Fund Services The Cayman Corporate Centre, 4th Floor 27 Hospital Road Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies SGAM AI Equity Fund -------------------- 170 Place Henri Regnault-La Defense 6 92043 Paris - La Defense Cedex France Citizenship: Luxemburg Highbridge Statistical Opportunities Master Fund, L.P. ------------------------------------------------------ c/o Harmonic Fund Services The Cayman Corporate Centre, 4th Floor 27 Hospital Road Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge Convertible Opportunities Master Fund, L.P. ------------------------------------------------------ Maples Corporate Services Limited

CUSIP No. 69329Y104 13G Page 12 of 16 Pages PO Box 309, Ugland House Grand Cayman, Cayman Islands, British West Indies Citizenship: Cayman Islands, British West Indies Highbridge Capital Management, LLC ---------------------------------- 40 West 57th Street, 33rd Floor New York, New York 10019 Citizenship: State of Delaware Glenn Dubin --------------------------------------- c/o Highbridge Capital Management, LLC 40 West 57th Street, 33rd Floor New York, New York 10019 Citizenship: United States Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: As of December 31, (i) Highbridge International LLC beneficially owned $39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due February 15, 2012 (the "2012 Notes"), convertible into 4,706,132 shares of Common Stock (not counting any accrued and unpaid interest on the 2012 Notes), (ii) STAR, L.P. (a statistical arbitrage strategy) beneficially owned 38,501 shares of Common Stock, (iii) Highbridge Statistical Market Neutral Fund beneficially owned 90 shares of Common Stock, (iv) Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. no longer beneficially owned any shares of Common Stock, (v) SGAM AI Equity Fund beneficially owned 1 share of Common Stock,(vi) Highbridge Statistical Opportunities Master Fund, L.P. no longer beneficially owned any shares of Common Stock, (vii) Highbridge Convertible Opportunities Master Fund, L.P. no longer beneficially owned any shares of Common Stock and (viii) each of Highbridge Capital Management, LLC and Glenn Dubin may be deemed the beneficial owner of $39,450,000 aggregate principal amount of the 2012 Notes, convertible into 4,706,132 shares of Common Stock (not counting any accrued and unpaid interest on the 2012 Notes) beneficially owned by Highbridge International LLC and the 38,592 shares of Common Stock beneficially owned by STAR, L.P. (a statistical arbitrage strategy), Highbridge Statistical Market Neutral Fund and SGAM AI Equity Fund. Highbridge Capital Management, LLC is the sub-advisor to Highbridge Statistical Market Neutral Fund and SGAM AI Equity Fund and is the trading manager of Highbridge International LLC, Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P., STAR, L.P. (a statistical arbitrage strategy), Highbridge Statistical Opportunities Master Fund, L.P. and Highbridge Convertible Opportunities Master Fund, L.P. Glenn Dubin is the Chief Executive Officer of Highbridge Capital Management, LLC. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. In addition, each of Highbridge Capital Management, LLC and Glenn Dubin disclaims beneficial ownership of shares of Common Stock held by Highbridge International LLC, STAR, L.P. (a statistical arbitrage strategy), Highbridge Statistical Market Neutral Fund and SGAM AI Equity Fund.

CUSIP No. 69329Y104 13G Page 13 of 16 Pages (b) Percent of class: The Company's quarterly report for the quarterly period ended September 30, 2009 filed on Form 10-Q on November 9, 2009, indicates that as of November 5, 2009, there were 119,671,083 shares of Common Stock outstanding. Therefore, based on the Company's outstanding shares of Common Stock and, for purposes of clauses (i) and (viii), assuming the conversion of the 2012 Notes, as of December 31, 2009 (i) Highbridge International LLC may have been deemed to beneficially own 3.78% of the outstanding shares of Common Stock of the Company, (ii) STAR, L.P. (a statistical arbitrage strategy) may have been deemed to beneficially own 0.03% of the outstanding shares of Common Stock of the Company, (iii) Highbridge Statistical Market Neutral Fund may have been deemed to beneficially own 0.00% of the outstanding shares of Common Stock of the Company, (iv) Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. no longer beneficially owned any shares of Common Stock of the Company, (v) SGAM AI Equity Fund may have been deemed to beneficially own 0.00% of the outstanding shares of Common Stock of the Company, (vi) Highbridge Statistical Opportunities Master Fund, L.P. no longer beneficially owned any of the outstanding shares of Common Stock of the Company , (vii) Highbridge Convertible Opportunities Master Fund, L.P. no longer beneficially owned any shares of Common Stock of the Company and (viii) each of Highbridge Capital Management, LLC and Glenn Dubin may have been deemed to beneficially own 3.81% of the outstanding shares of Common Stock of the Company. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote 0 (ii) Shared power to vote or to direct the vote See Item 4(a) (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of See Item 4(a) Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [X] Exhibits:

CUSIP No. 69329Y104 13G Page 14 of 16 Pages Exhibit I: Joint Filing Agreement, dated as of February 8, 2010, by and among Highbridge International LLC, STAR, L.P. (a statistical arbitrage strategy), Highbridge Statistical Market Neutral Fund, Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P., SGAM AI Equity Fund, Highbridge Statistical Opportunities Master Fund, L.P., Highbridge Convertible Opportunities Master Fund,L.P., Highbridge Capital Management, LLC and Glenn Dubin.

CUSIP No. 69329Y104 13G Page 15 of 16 Pages SIGNATURES After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct. Dated: February 8, 2010 HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC By: Highbridge Capital Management, LLC its Trading Manager By: /s/ John Oliva - ---------------------------------- Name: John Oliva By: /s/ John Oliva Title: Managing Director -------------------------------------- Name: John Oliva Title: Managing Director STAR, L.P. (a statistical arbitrage HIGHBRIDGE CONVERTIBLE OPPORTUNITIES strategy) MASTER FUND, L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Trading Manager its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - ----------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director HIGHBRIDGE STATISTICAL MARKET NEUTRAL HIGHBRIDGE STATISTICALLY ENHANCED FUND EQUITY MASTER FUND-U.S., L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Sub-Advisor its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - -------------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director SGAM AI EQUITY FUND HIGHBRIDGE STATISTICAL OPPORTUNITIES MASTER FUND, L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Sub-Advisor its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - -------------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director /s/ Glenn Dubin - -------------------------------------- GLENN DUBIN

CUSIP No. 69329Y104 13G Page 16 of 16 Pages EXHIBIT I JOINT FILING AGREEMENT This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the shares of Common Stock, $0.01 par value, of PDL BioPharma, Inc., is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Dated as of February 8, 2010 HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC By: Highbridge Capital Management, LLC its Trading Manager By: /s/ John Oliva - ---------------------------------- Name: John Oliva By: /s/ John Oliva Title: Managing Director -------------------------------------- Name: John Oliva Title: Managing Director STAR, L.P. (a statistical arbitrage HIGHBRIDGE CONVERTIBLE OPPORTUNITIES strategy) MASTER FUND, L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Trading Manager its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - ----------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director HIGHBRIDGE STATISTICAL MARKET NEUTRAL HIGHBRIDGE STATISTICALLY ENHANCED FUND EQUITY MASTER FUND-U.S., L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Sub-Advisor its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - -------------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director SGAM AI EQUITY FUND HIGHBRIDGE STATISTICAL OPPORTUNITIES MASTER FUND, L.P. By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC its Sub-Advisor its Trading Manager By: /s/ John Oliva By: /s/ John Oliva - -------------------------------------- ------------------------------------- Name: John Oliva Name: John Oliva Title: Managing Director Title: Managing Director /s/ Glenn Dubin - -------------------------------------- GLENN DUBIN