Item 7.01. Regulation FD Disclosure.

On October 1, 2009, PDL BioPharma, Inc. issued a press release announcing the payment of its October 1, 2009 dividend payment to stockholders of record as of September 17, 2009. A copy of the Company's press release is attached as Exhibit 99.1

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
No. Description

99.1 Press Release, dated October 1, 2009, entitled "PDL BioPharma Completes October 1 Special Dividend Payment."

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