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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2010	Jul. 27, 2010
Statement [Line Items]
Entity Registrant Name	PDL BIOPHARMA, INC.
Entity Central Index Key	0000882104
Document Type	10-Q
Document Period End Date	Jun. 30, 2010
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2010
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		119,713,977

CONDENSED CONSOLIDATED STATEMENTS OF INCOME shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2010	Jun. 30, 2010 USD ($) shares	Jun. 30, 2009	Jun. 30, 2009 USD ($) shares	Jun. 30, 2010 USD ($) $ / shares shares	Jun. 30, 2009 USD ($) $ / shares shares
Revenues:
Royalties		$ 120,343		$ 113,403	$ 182,404	$ 175,701
License and other				12,461		12,785
Total revenues		120,343		125,864	182,404	188,486
General and administrative expenses		8,820		5,590	18,230	10,283
Operating income		111,523		120,274	164,174	178,203
Gain (loss) on repurchase of convertible notes		(16,327)		1,195	(16,327)	1,195
Interest and other income, net		90		310	170	646
Interest expense		(11,560)		(3,357)	(24,087)	(6,931)
Income before income taxes		83,726		118,422	123,930	173,113
Income tax expense		33,588		41,185	47,785	58,419
Net income		$ 50,138		$ 77,237	$ 76,145	$ 114,694
Net income per basic share \| (per share)	pure 0.42		pure 0.65		$ 0.64	$ 0.96
Net income per diluted share \| (per share)	0.3		0.47		0.44	0.69
Cash dividends declared per common share \| (per share)					$ 1	$ 1
Shares used to compute net income per basic and diluted share:
Shares used to compute net income per basic share \| shares		119,536		119,357	119,530	119,342
Shares used to compute net income per diluted share \| shares		173,398		169,566	178,821	171,053

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2010	Dec. 31, 2009
Assets
Cash and cash equivalents	$ 211,312	$ 303,227
Short-term investments	12,382
Receivables from licensees	150	1,050
Deferred tax assets		1,271
Foreign currency hedge	12,983
Prepaid and other current assets	4,286	10,288
Total current assets	241,113	315,836
Property and equipment, net	109	171
Long-term deferred tax assets	9,286	10,396
Long-term foreign currency hedge	13,305
Other assets	7,718	12,008
Total assets	271,531	338,411
Liabilities and Stockholders' Deficit
Accounts payable	177	370
Accrued compensation	2,364	2,206
Accrued interest	4,042	8,812
Accrued income taxes	24,467	81
Other accrued liabilities	4,161	2,211
Deferred revenue	3,213	1,600
Dividend payable	60,216	386
Deferred tax liability	3,586
Current portion of convertible notes payable	115,828	199,998
Current portion of non-recourse notes payable	89,543	77,852
Total current liabilities	307,597	293,516
Convertible notes payable	228,000	228,000
Non-recourse notes payable	160,092	222,148
Other long-term liabilities	10,700	10,700
Total liabilities	$ 706,389	$ 754,364
Commitments and contingencies (Note 12)
Stockholders' deficit:
Preferred stock, par value $0.01 per share, 10,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.01 per share, 250,000 shares authorized; 119,559 and 119,523 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively	1,196	1,195
Additional paid-in capital	(195,981)	(83,850)
Accumulated deficit	(257,153)	(333,298)
Accumulated other comprehensive income	17,080
Total stockholders' deficit	(434,858)	(415,953)
Total liabilities and stockholders' deficit	$ 271,531	$ 338,411

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2010	Dec. 31, 2009
Statement [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	119,559	119,523
Common stock, shares outstanding	119,559	119,523

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009
Cash flows from operating activities
Net income	$ 76,145	$ 114,694
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	71	923
Amortization of convertible notes offering costs	927	1,141
Amortization of non-recourse notes offering costs	3,725
Loss (gain) on repurchase of convertible notes	16,327	(1,195)
Stock-based compensation expense	359	402
Tax benefit from stock-based compensation arrangements	7,185	50,664
Net excess tax benefit from stock-based compensation	(7,475)	(56,753)
Deferred income taxes	(3,230)	4,577
Changes in assets and liabilities:
Receivables from licensees	900	13,350
Prepaid and other current assets	5,455	(742)
Other assets	94
Accounts payable	(193)	(1,717)
Accrued liabilities	(2,662)	(14,598)
Accrued income taxes	24,386	(7,273)
Deferred revenue	1,613	(100)
Net cash provided by operating activities	123,627	103,373
Cash flows from investing activities
Purchases of investments	(12,402)	(3,269)
Purchase of property and equipment		(39)
Release of restricted cash		3,469
Net cash provided by (used in) investing activities	(12,402)	161
Cash flows from financing activities
Proceeds from issuance of common stock, net of cancellations		256
Payments for debt issuance costs		(2,027)
Repayment of non-recourse notes	(50,365)
Repurchase of convertible notes	(100,386)	(53,462)
Cash dividend paid	(59,864)	(59,679)
Net excess tax benefit from stock-based compensation	7,475	56,753
Net cash used in financing activities	(203,140)	(58,159)
Net increase (decrease) in cash and cash equivalents	(91,915)	45,375
Cash and cash equivalents at beginning of the period	303,227	129,058
Cash and cash equivalents at end the period	$ 211,312	$ 174,433

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. The financial statements include all adjustments consisting only of normal recurring adjustments that the management of PDL BioPharma, Inc. (the Company, PDL, we or our) believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period.

The accompanying Condensed Consolidated Financial Statements and related financial information should be read in conjunction with the audited Consolidated Financial Statements and the related notes thereto for the year ended December 31, 2009, included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC). The Condensed Consolidated Balance Sheet at December 31, 2009 has been derived from the audited Consolidated Financial Statements at that date.

Principles of Consolidation

Beginning in November 2009, the Consolidated Financial Statements include the accounts of PDL and its wholly-owned subsidiary, QHP Royalty Sub LLC (QHP). For the period from January to November 2009, we had no wholly owned subsidiaries. All intercompany transactions are eliminated in consolidation.

Customer Concentration

The following table summarizes revenues from our licensees' products which individually accounted for 10% or more of our total revenues for the three and six months ended June 30, 2010 and 2009:


		Three Months Ended June 30,				Six Months Ended June 30,
Licensees	Product Name	2010		2009		2010		2009
Genentech, Inc. (Genentech)	Avastin®	37	%	28	%	34	%	26	%
	Herceptin®	32	%	26	%	34	%	26	%
	Lucentis®	16	%	10	%	14	%	9	%

MedImmune, LLC (MedImmune)⁽¹⁾	Synagis®	—		15	%	—		19	%

Elan Corporation, Plc (Elan)	Tysabri®	7	%	6	%	10	%	7	%

(1)

In December 2009, we sent a letter to MedImmune stating that it is in breach of its obligations under the license agreement, canceling the license agreement and revoking any licenses and rights granted therein. In February 2010, MedImmune made a royalty payment to an escrow account created pendente lite (while the litigation is pending). We do not expect to receive additional payments from MedImmune unless and until the lawsuit is resolved in our favor.

Foreign Currency Hedging

We hedge certain foreign currency exposures related to our licensees' product sales with foreign currency exchange forward contracts and foreign currency exchange option contracts (collectively, foreign currency exchange contracts). In general, these contracts are intended to offset the underlying foreign currency market risk in our royalty revenues. Our exposure to credit risk from these contracts is a function of foreign currency exchange rates and, therefore, varies over time. We limit the credit risk that our counterparty to these contracts may be unable to perform by transacting with a major bank and monitoring the exposure in the context of current market conditions. We mitigated the risk of loss by entering into a netting agreement with our counterparty that provides for aggregate net settlement of all of the foreign currency exchange contracts should our counterparty default on the contracts prior to contract settlement. Therefore, our overall risk of loss in the event of counterparty default is limited to the amount of any unrecognized gains on outstanding contracts net of any unrecognized losses on outstanding contracts at the date of default. We do not enter into speculative foreign currency transactions. We have designated the foreign currency exchange contracts as cash flow hedges. At the inception of the hedging relationship and on a quarterly basis, we assess hedge effectiveness. The aggregate unrealized gain or loss on the effective component of our foreign currency exchange contracts net of estimated taxes is recorded in stockholders' deficit as accumulated other comprehensive income. Gains or losses on cash flow hedges are recognized as royalty revenue in the same period that the hedged transaction (royalty revenue) impacts earnings.

Net Income per Share

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Net Income per Share

3. Net Income per Share

We compute basic net income per share using the weighted-average number of shares of common stock outstanding during the periods presented less the weighted-average number of shares of restricted stock that are subject to repurchase. We compute diluted net income per share using the sum of the weighted-average number of common and common equivalent shares outstanding. Common equivalent shares used in the computation of diluted net income per share result from the assumed exercise of stock options, the issuance of restricted stock and the assumed conversion of our 2.00% Convertible Senior Notes (the 2012 Notes) and our 2.75% Convertible Subordinated Notes (the 2023 Notes), including both the effect of adding back interest expense and the inclusion of the underlying shares using the if-converted method. The adjusted conversion rate for the 2012 Notes is 128.318 shares per $1,000 principa l amount of 2012 Notes, or a conversion price of approximately $7.79 per share, effective March 16, 2010. The adjusted conversion rate for the 2023 Notes is 177.1594 shares per $1,000 principal amount of 2023 Notes, or a conversion price of approximately $5.64 per share, effective March 16, 2010. Following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the three and six months ended June 30, 2010 and 2009:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2010		2009		2010		2009
Numerator
Net income	$	50,138	$	77,237	$	76,145	$	114,694
Add back interest expense for convertible notes, net of estimated tax of $0.7 million and $1.0 million for the three months ended June 30, 2010 and 2009, respectively, and $1.6 million and $2.0 million for the six months ended June 30, 2010 and 2009, respectively (see Note 10)		1,360		1,819		2,995		3,761

Income used to compute net income per diluted share	$	51,498	$	79,056	$	79,140	$	118,455


Denominator
Total weighted-average shares used to compute basic income per share		119,536		119,357		119,530		119,342
Effect of dilutive stock options		8		17		8		10
Restricted stock outstanding		104		30		96		19
Assumed conversion of 2012 Notes		29,256		21,943		29,256		22,116
Assumed conversion of 2023 Notes		24,494		28,219		29,931		29,566

Shares used to compute income per diluted share		173,398		169,566		178,821		171,053


Net income per basic share	$	0.42	$	0.65	$	0.64	$	0.96

Net income per diluted share	$	0.30	$	0.47	$	0.44	$	0.69

We have excluded 0.2 million and 2.1 million of outstanding stock options from our diluted earnings per share calculations for the three months ended June 30, 2010 and 2009, respectively, and we have excluded 0.4 million and 3.6 million of outstanding stock options and from our diluted earnings per share calculations for the six months ended June 30, 2010 and 2009, respectively, because the options' exercise prices were greater than the average market prices of our common stock during these periods; therefore, their effect was anti-dilutive.

Fair Value Measurements

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Fair Value Measurements

4. Fair Value Measurements

The fair value of our financial instruments are estimates of the amounts that would be received if we were to sell an asset or we paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We apply a three-level valuation hierarchy for fair value measurements. The categorization of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. Level 1 inputs to the valuation method use unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 inputs to the valuation method are other observable inputs, including quoted market prices for similar assets and liabilities, quoted prices for identical and similar assets and liabilities in the markets that are not active, or other inputs that are observable or c an be corroborated by observable market data. Level 3 inputs to the valuation method are unobservable inputs based upon management's best estimate of the inputs that market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. We do not estimate the fair value of our royalty assets for financial statement reporting purposes.

The following table summarizes, for assets or liabilities recorded at fair value, the respective fair value and classification by level of input within the fair value hierarchy defined above:


	June 30, 2010						December 31, 2009
(In thousands)	Level 1		Level 2		Total		Level 1		Total
Assets:
Money market funds	$	207,700	$	—	$	207,700	$	296,969	$	296,969
Corporate debt securities		8,640		—		8,640		—		—
Commercial paper		—		2,993		2,993		—		—
U.S. government sponsored agency bond		1,000		—		1,000		—		—
Foreign currency hedge contracts		—		29,378		29,378		—		—

Total	$	217,340	$	32,371	$	249,711	$	296,969	$	296,969


Liabilities:
Foreign currency hedge contracts	$	—	$	3,090	$	3,090	$	—	$	—

The fair value of the foreign currency hedging contracts is estimated based on pricing models using readily observable inputs from actively quoted markets. The fair value of commercial paper is estimated based on its carrying value adjusted for observable inputs of the same security.

Cash Equivalents and Short-term Investments

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Cash Equivalents and Short-term Investments

5. Cash Equivalents and Short-term Investments

As of June 30, 2010, we had invested in money market funds, corporate debt securities, commercial paper, and a U.S. government sponsored agency bond. As of December 31, 2009, we had invested in money market funds. Our securities are classified as available-for-sale and are carried at estimated fair value, with unrealized gains and losses, if any, reported in stockholders' deficit as accumulated other comprehensive income. The estimated fair value is based upon quoted market prices. The cost of securities sold is based on the specific identification method. To date, we have not experienced credit losses on investments in these instruments and we do not require collateral for our investment activities.

A summary of our available-for-sale securities at June 30, 2010 and December 31, 2009 is presented below:


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30, 2010:
Money market funds	$	207,700	$	—	$	—		$	207,700
Corporate debt securities		8,652		—		(12	)		8,640
Commerical paper		2,993		—		—			2,993
U.S. government sponsored agency bond		1,000		—		—			1,000

Total	$	220,345	$	—	$	(12	)	$	220,333


Classification on Condensed Consolidated Balance Sheets:
Cash equivalents								$	207,951
Short-term investments									12,382

Total								$	220,333


December 31, 2009:
Money market funds	$	296,969	$	—	$	—		$	296,969


Classification on Condensed Consolidated Balance Sheets:
Cash equivalents								$	296,969

During the six months ended June 30, 2010 and the year ended December 31, 2009, we did not recognize any gains or losses on sales of available-for-sale securities. All investments mature within one year. As of June 30, 2010, the unrealized loss on short-term investments included in other comprehensive income, net of taxes, was $8,000 and resulted from an increase in the yield-to-maturity of the underlying security. No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of these securities. Based on our review of these securities, we believe we had no other-than-temporary impairments on these securities as of June 30, 2010 because we do not intend to sell these securities and it is not more likely than not that we will be required to sell these securities before the r ecovery of their amortized cost basis.

Foreign Currency Hedging

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Foreign Currency Hedging

6. Foreign Currency Hedging

Our licensees operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations between the U.S. dollar and other currencies, primarily the Eurodollar. In order to manage the risk related to changes in foreign currency exchange rates, in January and May 2010 we entered into a series of foreign currency exchange contracts covering the twelve quarters in which our licensees' sales occur through December 2012. Our foreign currency exchange contracts used to hedge royalty revenues based on underlying Eurodollar sales are designated as cash flow hedges.

The following table summarizes the notional amounts, foreign currency exchange rates and fair values of our open foreign currency exchange contracts designated as cash flow hedges at June 30, 2010:


Foreign Currency Exchange Forward Contracts

Currency	Notional Amount (In thousands)		Settlement Price ($ per Eurodollar)	Fair Value (In thousands)			Type
Eurodollar	$	181,862	1.400	$	22,312		Sell Eurodollar
Eurodollar		117,941	1.200		(3,090	)	Sell Eurodollar

Total	$	299,803		$	19,222


Foreign Currency Exchange Option Contracts

Currency	Notional Amount (In thousands)		Strike Price ($ per Eurodollar)	Fair Value (In thousands)			Type
Eurodollar	$	196,152	1.510	$	731		Purchased call option
Eurodollar		129,244	1.315		6,335		Purchased call option

Total	$	325,396		$	7,066

As of June 30, 2010, the fair value of our foreign currency exchange contracts totaled $26.3 million of which $13.0 million was classified as current foreign currency hedge and $13.3 million was classified as long-term foreign currency hedge on the Condensed Consolidated Balance Sheets. The foreign currency exchange contracts are presented on a net basis on our Condensed Consolidated Balance Sheets as we have entered into a netting arrangement with the counterparty. As of June 30, 2010, the unrealized gain on the effective component of our foreign currency exchange contracts included in other comprehensive income, net of estimated taxes, was $17.1 million. There was no ineffective component of our foreign currency exchange contracts during the six months ended June 30, 2010. During the three and six months ended June 30, 2010, we recognized $1.5 mil lion in royalty revenue from foreign currency exchange contracts which settled during the period. Approximately $8.4 million is expected to be reclassified from other comprehensive income to earnings in the next 12 months. We did not have foreign currency exchange contracts prior to January 2010.

Convertible and Non-Recourse Notes

6 Months Ended

Jun. 30, 2010

Statement [Line Items]

Convertible and Non-Recourse Notes

10. Convertible and Non-Recourse Notes

During the three months ended June 30, 2010, we repurchased an aggregate of $84.2 million face value of our 2023 Notes, at a premium of 19% to face value in privately negotiated transactions with institutional holders, for aggregate consideration of $100.4 million in cash, plus accrued but unpaid interest.

The following table summarizes our convertible and non-recourse notes activity for the six months ended June 30, 2010, as well as the balances and fair values at June 30, 2010:


(In thousands)	2012 Notes		2023 Notes			Non-recourse Notes			Total
Balance at December 31, 2009	$	228,000	$	199,998		$	300,000		$	727,998
Repurchases		—		(84,150	)		—			(84,150	)
Payments		—		—			(50,365	)		(50,365	)
Conversion to common stock⁽¹⁾		—		(20	)		—			(20	)

Balance at June 30, 2010	$	228,000	$	115,828		$	249,635		$	593,463

Fair value⁽²⁾	$	215,604	$	123,212		$	249,635		$	588,451

(1)	During the three months ended March 31, 2010, certain holders of the 2023 Notes converted $20,000 into 3,294 shares of common stock.

(2)

As of June 30, 2010, the fair value of the remaining payments under our convertible notes was estimated based on the trading value of our notes. As of June 30, 2010, the fair value of our Non-recourse Notes was estimated to be the carrying value of the notes because management believes that the Non-recourse Notes terms and conditions approximate current market rates.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2010
Statement [Line Items]
Commitments and Contingencies	12. Commitments and Contingencies *Lease Guarantee* In connection with the divestiture of our former biotechnology subsidiary, Facet Biotech Corporation (Facet), we entered into amendments to the leases for our former facilities in Redwood City, California, under which Facet was added as a co-tenant, and a Co-Tenancy Agreement, under which Facet agreed to indemnify us for all matters related to the leases attributable to the period after the divestiture. Should Facet default under the lease obligations, we would be held liable by the landlord as a co-tenant and, thus, we have in substance guaranteed the payments under the lease agreements for the Redwood City facilities. As of June 30, 2010, the total lease payments for the duration of the guarantee, which runs through December 2021, were approximately $125.9 million. We would also be responsible for lease related costs including utilities, property taxes and common area mainte nance which may be as much as the actual lease payments if Facet was to default. In April 2010, Abbott Laboratories (Abbott) acquired Facet. We recorded a liability of $10.7 million on our Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009 related to this guarantee. *Pierre Fabre - Sales Rebate* Until PDL's assignment and sale of a pharmaceutical product, Busulfex^®, to Otsuka Pharmaceuticals (Otsuka) in March 2008, Pierre Fabre Medicament (Pierre Fabre) was PDL's exclusive distributor for Busulfex in Italy. In 2005, Pierre Fabre negotiated a pricing and sales volume agreement with the Agenzia Italiana del Farmaco (AIFA) related to its distribution of Busulfex in which Pierre Fabre agreed to a maximum amount of ex-factory sales of Busulfex in Italy. During 2006 and 2007, Pierre Fabre exceeded those sales limits and, in October 2008, Pierre Fabre received notification to repay EUR 2.13 million to the local Italian authorities for such excess sales. P ierre Fabre sent a letter to Otsuka requesting that it pay 40% of the total amount paid by Pierre Fabre. This letter was, in turn, forwarded to PDL's attention and the Company responded to Pierre Fabre declining to make payment as there is no basis for reimbursement under PDL's contractual arrangement with Pierre Fabre. The parties have exchanged further communication; however, PDL does not believe that any reimbursement is required under the contract or that it is probable that PDL will need to reimburse Pierre Fabre. As of June 30, 2010, no amounts for this contingency have been accrued.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2010
Statement [Line Items]
Income Taxes	13. Income Taxes Income tax expense for the three and six months ended June 30, 2010 was $33.6 million and $47.8 million, respectively, which resulted primarily from applying the federal statutory income tax rate of 35% to income from operations and adjusting for a portion of the premium paid on the 2023 Notes repurchase which is not tax deductible. Income tax expense for the three and six months ended June 30, 2009 was $41.2 million and $58.4 million, respectively, which resulted primarily from applying the federal statutory income tax rate of 35% to income from operations.

Cash Dividends	6 Months Ended
Cash Dividends	Jun. 30, 2010
Statement [Line Items]
Cash Dividends	14. Cash Dividends On January 27, 2010, our board of directors declared two special cash dividends of $0.50 per share payable on April 1, 2010 and October 1, 2010 to stockholders of record on March 15, 2010 and September 15, 2010, respectively. Using cash on hand and proceeds from our first quarter 2010 earnings, we paid $59.9 million to our stockholders on April 1, 2010. As of June 30, 2010, we accrued $60.2 million in dividends payable for the October 2010 dividend payment. Effective March 16, 2010, in connection with the payment of the dividend in April 2010, the conversion ratios for our outstanding 2012 Notes was adjusted to 128.318 shares per $1,000 principal amount of 2012 Notes, or a conversion price of approximately $7.79 per share, and the conversion rate for the 2023 Notes was adjusted to 177.1594 shares per $1,000 principal amount of 2023 Notes, or a conversion price of approximately $5.64 per share.