UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PDL BIOPHARMA, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
69329Y104
---------
(CUSIP Number)
December 31, 2007
-----------------
(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 on the remainder of this cover page shall not be
deemed to be "filed" for the 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 10
- ---------------------------- -------------------
CUSIP No. 69329Y104 13G Page 2 of 10 Pages
- ---------------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 60,153 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
60,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 0.1% (see Item 4)
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 10
- ---------------------------- -------------------
CUSIP No. 69329Y104 13G Page 3 of 10 Pages
- ---------------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 60,153 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
60,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 0.1% (see Item 4)
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 10
- ---------------------------- -------------------
CUSIP No. 69329Y104 13G Page 4 of 10 Pages
- ---------------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Walter Capital Management, LLP
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
England and Wales
- --------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 300,000 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
300,000 (see Item 4)
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000 (see Item 4)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3% (see Item 4)
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 10
- ---------------------------- -------------------
CUSIP No. 69329Y104 13G Page 5 of 10 Pages
- ---------------------------- -------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 360,153 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
360,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,153 (see Item 4)
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3% (see Item 4)
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 10
Item 1(a) Name of Issuer:
--------------
PDL BioPharma, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
1400 Seaport Boulevard, Redwood City, CA 94063
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock, par value $0.01 per share ("Shares"), of the Issuer
beneficially owned by S.A.C. MultiQuant Fund, LLC ("SAC
MultiQuant Fund"); (ii) S.A.C. Capital Management, LLC ("SAC
Capital Management") with respect to Shares beneficially
owned by SAC MultiQuant Fund; (iii) Walter Capital
Management, LLP ("Walter Management") with respect to Shares
beneficially owned by S.A.C. Global Investments, L.P.
("Global Investments") and (iv) Steven A. Cohen with respect
to Shares beneficially owned by SAC Capital Advisors, SAC
Capital Management, SAC MultiQuant Fund, Walter Management
and Global Investments.
SAC Capital Advisors, SAC Capital Management, Walter
Management and Steven A. Cohen have entered into a Joint
Filing Agreement, a copy of which is filed with this
Schedule 13G as Exhibit 99.1, pursuant to which they have
agreed to file this Schedule 13G jointly in accordance with
the provisions of Rule 13d-1(k) of the Securities Exchange
Act of 1934, as amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, (ii) SAC Capital Management is
540 Madison Avenue, New York, New York 10022 and (iii)
Walter Management is St. Martins Court, 4th Floor, 10
Paternoster Row, London EC4M 7HP, U.K.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors and SAC Capital Management are Delaware
limited liability companies. Mr. Cohen is a United States
citizen. Walter Management is a limited liability
partnership organized under the laws of England and Wales.
Page 6 of 10
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $0.01 per share
Item 2(e) CUSIP Number:
------------
69329Y104
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of November 2, 2007 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission by the Company
for the quarterly period ended September 30, 2007.
As of the close of business on December 31, 2007:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 60,153
(b) Percent of class: Less than 0.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 60,153
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
60,153
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 60,153
(b) Percent of class: Less than 0.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 60,153
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
60,153
3. Walter Capital Management, LLP
(a) Amount beneficially owned: 300,000
(b) Percent of class: 0.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 300,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
300,000
Page 7 of 10
4. Steven A. Cohen
(a) Amount beneficially owned: 360,153
(b) Percent of class: 0.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 360,153
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
360,153
SAC Capital Advisors, SAC Capital Management, Walter
Management and Mr. Cohen own directly no Shares. Pursuant to
investment management agreements, each of SAC Capital
Advisors and SAC Capital Management share all investment and
voting power with respect to the securities held by SAC
MultiQuant Fund. Pursuant to an investment management
agreement, Walter Management maintains investment and voting
power with respect to the securities held by Global
Investments. Mr. Cohen controls each of SAC Capital
Advisors, SAC Capital Management and indirectly owns a 49%
interest in the managing member of Walter Management. By
reason of the provisions of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended, each of (i) SAC Capital
Advisors, SAC Capital Management and Mr. Cohen may be deemed
to own beneficially 60,153 Shares (constituting less than
0.1% of the Shares outstanding) and (ii) Walter Management
and Mr. Cohen may be deemed to own beneficially 300,000
shares (constituting approximately 0.3% of the Shares
outstanding). Each of SAC Capital Advisors, SAC Capital
Management, Walter Management and Mr. Cohen disclaim
beneficial ownership of any of the securities covered by
this statement.
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]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Page 8 of 10
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 9 of 10
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
WALTER CAPITAL MANAGEMENT, LLP
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 10 of 10
Exhibit 99.1
JOINT FILING AGREEMENT
The undersigned hereby agree that the foregoing statement on Schedule 13G is
filed on behalf of each of the undersigned in accordance with the provisions of
Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and that
all subsequent amendments to this statement on Schedule 13G may be filed on
behalf of each of the undersigned without the necessity of filing additional
joint filing agreements.
Dated: February 14, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
WALTER CAPITAL MANAGEMENT, LLP
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-----------------------------
Name: Peter Nussbaum
Title: Authorized Person