SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 9)
Under the Securities Exchange Act of 1934*
PDL BioPharma, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
69329Y104
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(CUSIP Number of Class of Securities)
Daniel S. Loeb
Third Point LLC
390 Park Avenue
New York, NY 10022
(212) 224-7400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
(212) 728-8000
November 7, 2007
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
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CUSIP No. 69329Y104 Page 2 of 6 Pages
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Third Point LLC
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 69329Y104 Page 3 of 6 Pages
------------------------------ --------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Daniel S. Loeb
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
0
--------- ------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 0
BY EACH REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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This Amendment No. 9 to Schedule 13D ("Amendment No. 9") amends the
Schedule 13D filed on March 5, 2007 (as amended by Amendment No. 1 thereto filed
on March 21, 2007, Amendment No. 2 thereto filed on April 11, 2007, Amendment
No. 3 thereto filed on April 18, 2007, Amendment No. 4 thereto filed on May 22,
2007, Amendment No. 5 thereto filed on May 31, 2007, Amendment No. 6 thereto
filed on July 17, 2007, Amendment No. 7 thereto filed on August 30, 2007,
Amendment No. 8 thereto filed on October 17, 2007 and this Amendment No. 9, the
"Schedule 13D") and is being filed on behalf of Third Point LLC, a Delaware
limited liability company (the "Management Company" or "Third Point"), and
Daniel S. Loeb, an individual ("Mr. Loeb", and together with the Management
Company, the "Reporting Persons"). This Amendment No. 9 relates to the common
stock, par value $0.01 per share (the "Common Stock"), of PDL BioPharma, Inc., a
Delaware corporation (the "Company").
The Management Company is the investment manager or adviser to a variety of
hedge funds and managed accounts (such funds and accounts, the "Funds"). The
Funds directly owned the Common Stock to which this Schedule 13D relates, and
Mr. Loeb and the Management Company may have been deemed to have beneficial
ownership over such Common Stock by virtue of the authority granted to them by
the Funds to vote and to dispose of the securities held by the Funds, including
the Common Stock.
Item 5. Interest in Securities of the Issuer.
Items 5(a), 5(c), 5(d) and 5(e) of the Schedule 13D are hereby amended and
restated as follows:
(a) As of the date hereof, the Management Company and Mr. Loeb beneficially
own no shares of Common Stock.
(c) Schedule A hereto sets forth certain information with respect to
transactions by the Funds (at the direction of the Management Company and Mr.
Loeb) in the Common Stock since the most recent filing on Schedule 13D.
All of the transactions set forth on Schedule A were effected in open
market transactions in the NASDAQ Global Select Market. Except as set forth on
Schedule A, since the most recent filing on Schedule 13D there were no
transactions in the Common Stock effected by either the Management Company nor
Mr. Loeb, nor, in the case of the Management Company, to the best of its
knowledge, any of their directors, executive officers, general partners or
members.
(d) Other than the Funds which directly held the shares of Common Stock,
and except as set forth in this Item 5, no person is known to have the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the shares of Common Stock.
(e) The Management Company and Mr. Loeb ceased to be the beneficial owner
of more than five percent of the outstanding Common Stock on October 30, 2007.
[Signatures on following page]
4
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: November 9, 2007
THIRD POINT LLC
By: Daniel S. Loeb, Chief Executive Officer
By: /s/ Justin Nadler
-----------------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
DANIEL S. LOEB
By: /s/ Justin Nadler
-----------------------------------------
Name: Justin Nadler
Title: Attorney-in-Fact
[SIGNATURE PAGE TO AMENDMENT NO. 9 TO SCHEDULE 13D
WITH RESPECT TO PDL BIOPHARMA, INC.]
Schedule A
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(Transactions by the Funds in Common Stock
since the most recent filing on Schedule 13D)
Date Transaction Shares Price Per Share($)
---- ----------- ------ ------------------
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/30/07 SELL (100,000) 21.10
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/30/07 SELL (400,000) 21.03
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/30/07 SELL (350,000) 21.11
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/31/07 SELL (150,000) 21.00
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/31/07 SELL (100,000) 21.00
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/31/07 BUY 33,700 21.20
------------------------ ---------------------------- --------------------------------- -----------------------------------
10/31/07 SELL (33,700) 21.20
------------------------ ---------------------------- --------------------------------- ------------------------------------
11/7/07 SELL (475,000) 19.33
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/7/07 SELL (100,000) 19.75
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/7/07 SELL (50,000) 19.49
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/8/07 SELL (600,000) 18.84
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/8/07 SELL (175,000) 18.83
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/9/07 SELL (425,000) 19.46
------------------------ ---------------------------- --------------------------------- ------------------------------------
11/9/07 SELL (200,000) 19.01
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/9/07 SELL (50,000) 19.39
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/9/07 SELL (2,500,000) 19.00
------------------------ ---------------------------- --------------------------------- -----------------------------------
11/9/07 SELL (325,000) 19.40
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