Item 8.01 Other Events.

On November 19, 2008, PDL BioPharma, Inc. ("PDL") announced that its board of directors has set December 3, 2008 as the record date for the spin-off of PDL's biotechnology operations, which will be accomplished through a pro rata stock dividend to PDL's stockholders of the common stock of Facet Biotech Corporation ("Facet"). Each PDL stockholder of record as of 5:00 p.m. Eastern Time on December 3, 2008 will receive on the distribution date one share of Facet common stock for every five shares of PDL common stock. PDL and Facet expect to be able to effect the distribution on or about December 18, 2008, although this date is subject to change. A copy of the press release issued by PDL on November 19, 2008 is filed hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 Press release issued by PDL BioPharma, Inc. on November 19, 2008.

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