PDL BioPharma Announces Investor Conference Call Today

Call to Be Held on August 19 at 5 p.m. ET

REDWOOD CITY, CA–(EMWNews – August 19, 2008) – PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI)

will hold an investor conference call and webcast today at 5:00 p.m.

Eastern time following today’s announcement of a collaboration agreement

with Bristol-Myers Squibb Company for the co-development and

commercialization of elotuzumab, PDL’s phase 1 antibody candidate for

multiple myeloma, and an option, exercisable by Bristol-Myers Squibb, to

expand the collaboration to include PDL241, a preclinical antibody

candidate for immunologic indications. The company plans to discuss this

collaboration as well as provide an update on company activities.

A 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 webcast to allow time for any software download that may be needed to

hear the webcast. Financial and statistical information to be discussed

during the call will be available on the PDL website. A replay will be

available at www.pdl.com starting approximately one hour after completion

of the webcast.

An audio replay will also be available by telephone from approximately 7:00

p.m. Eastern time on August 19, 2008 through 7:00 p.m. Eastern time on

September 19, 2008. To access the replay, dial 1-800-642-1687 from inside

the U.S. and 706-645-9291 from outside the U.S.; enter conference ID number

60869076.

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.