UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.)*
PDL BIOPHARMA, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
69329Y104
---------
(CUSIP Number)
September 4, 2007
-----------------
(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 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).
Page 1 of 10
------------------- ------------------
CUSIP No. 69329Y104 13G Page 2 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 2,833,000* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,833,000* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,833,000* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.4%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 10
------------------- ------------------
CUSIP No. 69329Y104 13G Page 3 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 2,833,000* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,833,000* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,833,000* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.4%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 10
------------------- ------------------
CUSIP No. 69329Y104 13G Page 4 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 3,140,000 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,140,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,140,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.7% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 10
------------------- ------------------
CUSIP No. 69329Y104 13G Page 5 of 10 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 5,973,000* (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
5,973,000* (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,973,000* (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%* (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 10
Item 1(a) Name of Issuer:
--------------
PDL BioPharma, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
34801 Campus Drive, Fremont, CA 94555
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock, par value $0.01 per share ("Shares"), of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates") and S.A.C. Select Fund, LLC ("SAC
Select Fund"); (ii) S.A.C. Capital Management, LLC ("SAC
Capital Management") with respect to Shares beneficially
owned by SAC Capital Associates and SAC Select Fund; (iii)
CR Intrinsic Investors, LLC ("CR Intrinsic Investors") with
respect to Shares beneficially owned by CR Intrinsic
Investments, LLC ("CR Intrinsic Investments"); and (iv)
Steven A. Cohen with respect to Shares beneficially owned by
SAC Capital Advisors, SAC Capital Management, SAC Capital
Associates, SAC Select Fund, CR Intrinsic Investors and CR
Intrinsic Investments.
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Steven A. Cohen have entered into a Joint
Filing Agreement, a copy of which is filed with this
Schedule 13G as Exhibit 99.1, pursuant to which they have
agreed to file this Schedule 13G jointly in accordance with
the provisions of Rule 13d-1(k) of the Securities Exchange
Act of 1934, as amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72
Cummings Point Road, Stamford, Connecticut 06902 and (ii)
SAC Capital Management is 540 Madison Avenue, New York, New
York 10022.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management and CR
Intrinsic Investors are Delaware limited liability
companies. Mr. Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $0.01 per share
Page 6 of 10
Item 2(e) CUSIP Number:
------------
69329Y104
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of August 2, 2007 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission for the
quarterly period ended June 30, 2007.
As of the close of business on September 4, 2007:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 2,833,000*
(b) Percent of class: 2.4%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,833,000*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,833,000*
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 2,833,000*
(b) Percent of class: 2.4%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,833,000*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,833,000*
3. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 3,140,000
(b) Percent of class: 2.7%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,140,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,140,000
4. Steven A. Cohen
(a) Amount beneficially owned: 5,973,000*
(b) Percent of class: 5.1%*
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,973,000*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,973,000*
Page 7 of 10
*Includes 364,300 Shares subject to call options held by SAC
Capital Associates.
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen do not directly own any Shares.
Pursuant to investment management agreements, each of SAC
Capital Advisors and SAC Capital Management share all
investment and voting power with respect to the securities
held by SAC Capital Associates and SAC Select Fund. Pursuant
to an investment management agreement, CR Intrinsic
Investors maintains investment and voting power with respect
to the securities held by CR Intrinsic Investments. Mr.
Cohen controls each of SAC Capital Advisors, SAC Capital
Management and CR Intrinsic Investors. CR Intrinsic
Investments is a wholly owned subsidiary of SAC Capital
Associates. By reason of the provisions of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended, each of (i) SAC
Capital Advisors, SAC Capital Management and Mr. Cohen may
be deemed to own beneficially 2,833,000* Shares
(representing approximately 2.4%* of the Shares outstanding)
and (ii) CR Intrinsic Investors and Mr. Cohen may be deemed
to own beneficially 3,140,000 Shares (representing
approximately 2.7% of the Shares outstanding). Each of SAC
Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen disclaim beneficial ownership of any
of the securities covered by this statement, and SAC Capital
Associates disclaims beneficial ownership of any securities
held by CR Intrinsic Investments.
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. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Page 8 of 10
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 9 of 10
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: September 14, 2007
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 10 of 10