REDWOOD CITY, CA--(MARKET WIRE)--Oct 24, 2008 -- PDL BioPharma, Inc. (PDL) (NasdaqGS:PDLI - News) today announced that it will release its financial results for the third quarter 2008 following the close of the U.S. financial markets on Thursday, November 6, 2008. Following the release, PDL will hold a conference call at 4:30 p.m. Eastern time to discuss these financial results and provide an update on company activities. Faheem Hasnain, president and CEO, Mark McCamish, M.D., Ph.D., senior vice president and CMO, and Andrew Guggenhime, senior vice president and CFO, will conduct the call.

A live webcast of the conference call will be available through the PDL website: www.pdl.com. Please connect to this website at least 15 minutes prior to the live webcast to allow time for any software download that may be needed to hear the webcast. Financial and statistical information to be discussed in the call will be available on the PDL website immediately prior to the commencement of the call. A replay will be available at www.pdl.com starting approximately two hours after completion of the webcast.

An audio replay will also be available by telephone from approximately 6:30 p.m. Eastern time on November 6, 2008 through 6:30 p.m. Eastern time on December 6, 2008. To access the replay, dial 800-642-1687 from inside the U.S. and 706-645-9291 from outside the U.S.; enter conference ID number 70637191.

About PDL BioPharma

PDL BioPharma, Inc. is a biotechnology company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. For more information, please visit www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL.

     Contacts:
      
     Ami Knoefler
     Corporate and Investor Relations
     (650) 454-2331
     ami.knoefler@pdl.com
      
     Jean Suzuki
     Investor Relations
     (650) 454-2648
     jean.suzuki@pdl.com