UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
PDL BioPharma, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
69329Y104
(CUSIP Number)
December 31, 2009
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for 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).
Page 1 of 15
CUSIP No. 69329Y104 13G Page 2 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge International LLC
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$39,450,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into
4,706,132 shares of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.78%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 3 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
STAR L.P. (a statistical arbitrage strategy)
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$38,501 shares of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$38,501 shares of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$38,501 shares of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.03%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 4 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Statistical Market Neutral Fund
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
90 shares of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
90 shares of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
90 shares of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.00%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 5 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P.
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 6 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
SGAM AI Equity Fund
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Luxemburg
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1 share of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1 share of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1 share of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.00%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 7 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Statistical Opportunities Master Fund, L.P.
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 8 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Convertible Opportunities Master Fund, L.P.
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 9 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Capital Management, LLC
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
38,592 shares of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
38,592 shares of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$39,450,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into
4,706,132 shares of Common Stock
38,592 shares of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.81%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 10 of 16 Pages
------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Glenn Dubin
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions) (a) [X]
(b) [ ]
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
38,592 shares of Common Stock
OWNED BY ---------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ---------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$39,450,000 aggregate principal amount of 2.00%
Convertible Senior Notes due February 15, 2012,
convertible into 4,706,132 shares of Common Stock
38,592 shares of Common Stock
------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$39,450,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into
4,706,132 shares of Common Stock
38,592 shares of Common Stock
------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.81%
------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
------------------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 11 of 16 Pages
This Amendment No. 2 (this "Amendment") amends the statement on Schedule 13G
filed on May 15, 2008, as amended by Amendment No. 1 filed on February 13, 2009
(the "Original Schedule 13G" and the Original Schedule 13G as amended, the
"Schedule 13G") with respect to shares of common stock, par value $0.01 per
share (the "Common Stock") of PDL BioPharma, Inc., a Delaware corporation (the
"Company"). Capitalized terms used herein and not otherwise defined in this
Amendment have the meanings set forth in the Schedule 13G. This Amendment amends
and restates Items 2(a), 2(b), 2(c), 4 and 5 in their entirety as set forth
below.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Highbridge International LLC
----------------------------
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
STAR, L.P. (a statistical arbitrage strategy)
----------------------------------------------
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Statistical Market Neutral Fund
------------------------------------------
c/o Highbridge Capital Management, LLC
40 West 57th Street, 33rd Floor
New York, New York 10019
Citizenship: State of Delaware
Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P.
---------------------------------------------------------------
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
SGAM AI Equity Fund
--------------------
170 Place Henri Regnault-La Defense 6
92043 Paris - La Defense Cedex
France
Citizenship: Luxemburg
Highbridge Statistical Opportunities Master Fund, L.P.
------------------------------------------------------
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Convertible Opportunities Master Fund, L.P.
------------------------------------------------------
Maples Corporate Services Limited
CUSIP No. 69329Y104 13G Page 12 of 16 Pages
PO Box 309, Ugland House
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Management, LLC
----------------------------------
40 West 57th Street, 33rd Floor
New York, New York 10019
Citizenship: State of Delaware
Glenn Dubin
---------------------------------------
c/o Highbridge Capital Management, LLC
40 West 57th Street, 33rd Floor
New York, New York 10019
Citizenship: United States
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of December 31, (i) Highbridge International LLC beneficially owned
$39,450,000 aggregate principal amount of 2.00% Convertible Senior Notes due
February 15, 2012 (the "2012 Notes"), convertible into 4,706,132 shares of
Common Stock (not counting any accrued and unpaid interest on the 2012 Notes),
(ii) STAR, L.P. (a statistical arbitrage strategy) beneficially owned 38,501
shares of Common Stock, (iii) Highbridge Statistical Market Neutral Fund
beneficially owned 90 shares of Common Stock, (iv) Highbridge Statistically
Enhanced Equity Master Fund-U.S., L.P. no longer beneficially owned any shares
of Common Stock, (v) SGAM AI Equity Fund beneficially owned 1 share of Common
Stock,(vi) Highbridge Statistical Opportunities Master Fund, L.P. no longer
beneficially owned any shares of Common Stock, (vii) Highbridge Convertible
Opportunities Master Fund, L.P. no longer beneficially owned any shares of
Common Stock and (viii) each of Highbridge Capital Management, LLC and Glenn
Dubin may be deemed the beneficial owner of $39,450,000 aggregate principal
amount of the 2012 Notes, convertible into 4,706,132 shares of Common Stock (not
counting any accrued and unpaid interest on the 2012 Notes) beneficially owned
by Highbridge International LLC and the 38,592 shares of Common Stock
beneficially owned by STAR, L.P. (a statistical arbitrage strategy), Highbridge
Statistical Market Neutral Fund and SGAM AI Equity Fund.
Highbridge Capital Management, LLC is the sub-advisor to Highbridge
Statistical Market Neutral Fund and SGAM AI Equity Fund and is the trading
manager of Highbridge International LLC, Highbridge Statistically Enhanced
Equity Master Fund-U.S., L.P., STAR, L.P. (a statistical arbitrage strategy),
Highbridge Statistical Opportunities Master Fund, L.P. and Highbridge
Convertible Opportunities Master Fund, L.P. Glenn Dubin is the Chief Executive
Officer of Highbridge Capital Management, LLC. The foregoing should not be
construed in and of itself as an admission by any Reporting Person as to
beneficial ownership of shares of Common Stock owned by another Reporting
Person. In addition, each of Highbridge Capital Management, LLC and Glenn Dubin
disclaims beneficial ownership of shares of Common Stock held by Highbridge
International LLC, STAR, L.P. (a statistical arbitrage strategy), Highbridge
Statistical Market Neutral Fund and SGAM AI Equity Fund.
CUSIP No. 69329Y104 13G Page 13 of 16 Pages
(b) Percent of class:
The Company's quarterly report for the quarterly period ended September
30, 2009 filed on Form 10-Q on November 9, 2009, indicates that as of November
5, 2009, there were 119,671,083 shares of Common Stock outstanding. Therefore,
based on the Company's outstanding shares of Common Stock and, for purposes of
clauses (i) and (viii), assuming the conversion of the 2012 Notes, as of
December 31, 2009 (i) Highbridge International LLC may have been deemed to
beneficially own 3.78% of the outstanding shares of Common Stock of the Company,
(ii) STAR, L.P. (a statistical arbitrage strategy) may have been deemed to
beneficially own 0.03% of the outstanding shares of Common Stock of the Company,
(iii) Highbridge Statistical Market Neutral Fund may have been deemed to
beneficially own 0.00% of the outstanding shares of Common Stock of the Company,
(iv) Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. no longer
beneficially owned any shares of Common Stock of the Company, (v) SGAM AI Equity
Fund may have been deemed to beneficially own 0.00% of the outstanding shares of
Common Stock of the Company, (vi) Highbridge Statistical Opportunities Master
Fund, L.P. no longer beneficially owned any of the outstanding shares of Common
Stock of the Company , (vii) Highbridge Convertible Opportunities Master Fund,
L.P. no longer beneficially owned any shares of Common Stock of the Company and
(viii) each of Highbridge Capital Management, LLC and Glenn Dubin may have been
deemed to beneficially own 3.81% of the outstanding shares of Common Stock of
the Company. The foregoing should not be construed in and of itself as an
admission by any Reporting Person as to beneficial ownership of shares of Common
Stock owned by another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a)
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct the
disposition of
See Item 4(a)
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]
Exhibits:
CUSIP No. 69329Y104 13G Page 14 of 16 Pages
Exhibit I: Joint Filing Agreement, dated as of February 8, 2010, by and among
Highbridge International LLC, STAR, L.P. (a statistical arbitrage strategy),
Highbridge Statistical Market Neutral Fund, Highbridge Statistically Enhanced
Equity Master Fund-U.S., L.P., SGAM AI Equity Fund, Highbridge Statistical
Opportunities Master Fund, L.P., Highbridge Convertible Opportunities Master
Fund,L.P., Highbridge Capital Management, LLC and Glenn Dubin.
CUSIP No. 69329Y104 13G Page 15 of 16 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.
Dated: February 8, 2010
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
----------------------------------
Name: John Oliva By: /s/ John Oliva
Title: Managing Director --------------------------------------
Name: John Oliva
Title: Managing Director
STAR, L.P. (a statistical arbitrage HIGHBRIDGE CONVERTIBLE OPPORTUNITIES
strategy) MASTER FUND, L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Trading Manager its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
----------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
HIGHBRIDGE STATISTICAL MARKET NEUTRAL HIGHBRIDGE STATISTICALLY ENHANCED
FUND EQUITY MASTER FUND-U.S., L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Sub-Advisor its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
-------------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
SGAM AI EQUITY FUND HIGHBRIDGE STATISTICAL OPPORTUNITIES
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Sub-Advisor its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
-------------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
/s/ Glenn Dubin
--------------------------------------
GLENN DUBIN
CUSIP No. 69329Y104 13G Page 16 of 16 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the shares
of Common Stock, $0.01 par value, of PDL BioPharma, Inc., is being filed, and
all amendments thereto will be filed, on behalf of each of the persons and
entities named below in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated as of February 8, 2010
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
----------------------------------
Name: John Oliva By: /s/ John Oliva
Title: Managing Director --------------------------------------
Name: John Oliva
Title: Managing Director
STAR, L.P. (a statistical arbitrage HIGHBRIDGE CONVERTIBLE OPPORTUNITIES
strategy) MASTER FUND, L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Trading Manager its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
----------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
HIGHBRIDGE STATISTICAL MARKET NEUTRAL HIGHBRIDGE STATISTICALLY ENHANCED
FUND EQUITY MASTER FUND-U.S., L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Sub-Advisor its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
-------------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
SGAM AI EQUITY FUND HIGHBRIDGE STATISTICAL OPPORTUNITIES
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Sub-Advisor its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
-------------------------------------- -------------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
/s/ Glenn Dubin
--------------------------------------
GLENN DUBIN