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

REDWOOD CITY, CA -- (Marketwire) -- 08/19/08 -- 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.