UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PDL BioPharma, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
69329Y104
(CUSIP Number)
December 31, 2008
(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 20 Pages
CUSIP No. 69329Y104 13G Page 2 of 20 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 --------------------------------------------------------
(6) SHARED VOTING POWER
BENEFICIALLY $32,200,000 aggregate principal amount of
2.00% Convertible Senior Notes due February
OWNED BY 15, 2012, convertible into 2,645,616 shares
of Common Stock
EACH
$41,380,000 aggregate principal amount of
REPORTING 2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 4,723,651
PERSON WITH shares of Common Stock
--------------------------------------------------------
(7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$32,200,000 aggregate principal amount of
2.00% Convertible Senior Notes due February
15, 2012, convertible into 2,645,616 shares
of Common Stock
$41,380,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 4,723,651
shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into 2,645,616
shares of Common Stock
$41,380,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into
4,723,651 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)
5.81%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 3 of 20 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Convertible Arbitrage 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 --------------------------------------------------------
(6) SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH -------------------------------------------------------
(7) SOLE DISPOSITIVE POWER
REPORTING 0
-------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
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 4 of 20 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
62,257 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
62,257 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
62,257 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)
0.05%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 5 of 20 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
665,435 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
665,435 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
665,435 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)
0.56%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 6 of 20 Page
-----------------------------------------------------------------------
(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
4,804 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
4,804 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,804 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)
PN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 7 of 20 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
Luxembourg
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
139,846 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
139,846 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
139,846 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)
0.12%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 8 of 20 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
74,505 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
74,505 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
74,505 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)
0.06%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 9 of 20 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
$5,000,000 aggregate principal amount of
OWNED BY 2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 570,765
EACH shares of Common Stock
--------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
0
PERSON WITH
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$5,000,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 570,765
shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$5,000,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into 570,765
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)
0.48%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 10 of 20 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
$32,200,000 aggregate principal amount of
OWNED BY 2.00% Convertible Senior Notes due February
15, 2012, convertible into 2,645,616 shares
EACH of Common Stock
REPORTING $46,380,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
PERSON WITH August 16, 2023, convertible into 5,294,416
shares of Common Stock
946,847 shares of Common Stock
--------------------------------------------------------
(7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into
2,645,616 shares of Common Stock
$46,380,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into
5,294,416 shares of Common Stock
946,847 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into 2,645,616
shares of Common Stock
$46,380,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into
5,294,416 shares of Common Stock
946,847 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)
6.97%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 11 of 20 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
$32,200,000 aggregate principal amount of
OWNED BY 2.00% Convertible Senior Notes due February
15, 2012, convertible into 2,645,616 shares
EACH of Common Stock
REPORTING $46,380,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
PERSON WITH August 16, 2023, convertible into 5,294,416
shares of Common Stock
946,847 shares of Common Stock
--------------------------------------------------------
(7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$32,200,000 aggregate principal amount of
2.00% Convertible Senior Notes due February
15, 2012, convertible into 2,645,616 shares
of Common Stock
$46,380,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 5,294,416
shares of Common Stock
946,847 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into 2,645,616
shares of Common Stock
$46,380,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into
5,294,416 shares of Common Stock
946,847 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)
6.97%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 12 of 20 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Henry Swieca
-----------------------------------------------------------------------
(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
$32,200,000 aggregate principal amount
OWNED BY of 2.00% Convertible Senior Notes due
February 15, 2012, convertible into
EACH 2,645,616 shares of Common Stock
REPORTING $46,380,000 aggregate principal amount
of 2.75% Convertible Subordinated Notes due
PERSON WITH August 16, 2023, convertible into 5,294,416
shares of Common Stock
PERSON WITH
946,847 shares of Common Stock
--------------------------------------------------------
(7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$32,200,000 aggregate principal amount of
2.00% Convertible Senior Notes due February
15, 2012, convertible into 2,645,616 shares
of Common Stock
$46,380,000 aggregate principal amount of
2.75% Convertible Subordinated Notes due
August 16, 2023, convertible into 5,294,416
shares of Common Stock
946,847 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012, convertible into 2,645,616
shares of Common Stock
$46,380,000 aggregate principal amount of 2.75% Convertible
Subordinated Notes due August 16, 2023, convertible into
5,294,416 shares of Common Stock
946,847 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)
6.97%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
-----------------------------------------------------------------------
CUSIP No. 69329Y104 13G Page 13 of 20 Pages
This Amendment No. 1 (this "Amendment") amends the statement on Schedule 13G
filed on May 15, 2008 (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
9 West 57th Street, 27th 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: Luxembourg
Highbridge Statistical Opportunities Master Fund, L.P.
------------------------------------------------------
c/o Harmonic Fund Services
CUSIP No. 69329Y104 13G Page 14 of 20 Pages
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
PO Box 309, Ugland House
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Management, LLC
-----------------------------------
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
Glenn Dubin
-----------
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Henry Swieca
------------
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th 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 the date of this filing, (i) Highbridge International LLC
beneficially owns $32,200,000 aggregate principal amount of 2.00% Convertible
Senior Notes due February 15, 2012 (the "2012 Notes"), convertible into
2,645,616 shares of Common Stock (not counting any accrued and unpaid interest
on the 2012 Notes) and $41,380,000 aggregate principal amount of 2.75%
Convertible Subordinated Notes due April 16, 2023 (the "2023 Notes" and together
with the 2012 Notes, the "Notes"), convertible into 4,723,651 shares of Common
Stock (not counting any accrued and unpaid interest on the 2023 Notes), (ii)
Highbridge Convertible Arbitrage Master Fund, L.P. no longer beneficially owns
any shares of Common Stock, (iii) STAR, L.P. (a statistical arbitrage strategy)
beneficially owns 62,257 shares of Common Stock, (iv) Highbridge Statistical
Market Neutral Fund beneficially owns 665,435 shares of Common Stock, (v)
Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. beneficially
owns 4,804 shares of Common Stock, (vi) SGAM AI Equity Fund beneficially owns
139,846 shares of Common Stock and,(vii) Highbridge Statistical Opportunities
Master Fund, L.P. beneficially owns 74,505 shares of Common Stock, (viii) and
Highbridge Convertible Opportunities Master Fund, L.P. beneficially owns
$5,000,000 aggregate principal amount of the 2023 Notes, convertible into
570,765 shares of Common Stock (not counting any accrued and
CUSIP No. 69329Y104 13G Page 15 of 20 Pages
unpaid interest on the 2023 Notes), and (ix) each of Highbridge Capital
Management, LLC, Glenn Dubin and Henry Swieca may be deemed the beneficial owner
of $32,200,000 aggregate principal amount of the 2012 Notes, convertible into
2,645,616 shares of Common Stock (not counting any accrued and unpaid interest
on the 2012 Notes) beneficially owned by Highbridge International LLC, the
$46,380,000 aggregate principal amount of the 2023 Notes, convertible into
5,294,416 shares of Common Stock (not counting any accrued and unpaid interest
on the 2023 Notes) beneficially owned by Highbridge International LLC and
Highbridge Convertible Opportunities Master Fund, L.P. and the 946,847 shares of
Common Stock beneficially owned by 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 and Highbridge
Statistical Opportunities Master Fund, L.P.
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 Convertible Arbitrage Master
Fund, L.P., 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. Henry Swieca is the Chief Investment 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, Glenn Dubin and Henry Swieca disclaims beneficial
ownership of shares of Common Stock held by Highbridge International LLC,
Highbridge Convertible Arbitrage Master Fund, L.P., Highbridge Statistical
Market Neutral Fund, Highbridge Statistically Enhanced Equity Master Fund-U.S.,
L.P., STAR, L.P. (a statistical arbitrage strategy), SGAM AI Equity Fund,
Highbridge Statistical Opportunities Master Fund, L.P. and Highbridge
Convertible Opportunities Master Fund, L.P.
(b) Percent of class:
The Company's quarterly report for the quarterly period ended September
30, 2008 filed on Form 10-Q on November 7, 2008, indicates that as of November
3, 2008, there were 119,506,838 shares of Common Stock outstanding. Therefore,
based on the Company's outstanding shares of Common Stock and assuming the
conversion of the Notes, (i) Highbridge International LLC may be deemed to
beneficially own 5.81% of the outstanding shares of Common Stock of the Company,
(ii) Highbridge Convertible Arbitrage Master Fund, L.P. no longer
beneficially owns any shares of Common Stock of the Company,
(iii) STAR, L.P. (a statistical arbitrage strategy) may be deemed to
beneficially own 0.05% of the outstanding shares of Common Stock of the Company,
(iv) Highbridge Statistical Market Neutral Fund may be deemed to beneficially
own 0.56% of the outstanding shares of Common Stock of the Company, (v)
Highbridge Statistically Enhanced Equity Master Fund-U.S., L.P. may be deemed to
beneficially own 0.00% of the outstanding shares of Common Stock of the Company,
(vi) SGAM AI Equity Fund may be deemed to beneficially own 0.12% of the
outstanding shares of Common Stock of the Company, (vii) Highbridge Statistical
Opportunities Master Fund, L.P. may be deemed to beneficially own 0.06% of the
outstanding shares of Common Stock of the Company, (viii) Highbridge
Convertible Opportunities Master Fund, L.P. may be deemed to beneficially own
0.48% of the outstanding shares of Common Stock of the Company and (vii) each of
CUSIP No. 69329Y104 13G Page 16 of 20 Pages
Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca may be deemed
to beneficially own 6.97% 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
As of the date hereof, Highbridge Convertible Arbitrage Master Fund, L.P.
no longer beneficially owns any shares of Common Stock of the Company and has
ceased to be a Reporting Person with respect to the shares of Common Stock.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of February 13, 2009, 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, Glenn Dubin and Henry Swieca.
CUSIP No. 69329Y104 13G Page 17 of 20 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 13, 2009
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
------------------------------ ------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
HIGHBRIDGE CONVERTIBLE ARBITRAGE STAR, L.P. (a statistical arbitrage
MASTER FUND, L.P. strategy)
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
HIGHBRIDGE STATISTICAL OPPORTUNITIES
SGAM AI EQUITY FUND 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
HIGHBRIDGE CONVERTIBLE OPPORTUNITIES
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC /s/ Glenn Dubin
its Trading Manager ------------------------------
GLENN DUBIN
CUSIP No. 69329Y104 13G Page 18 of 20 Pages
By: /s/ John Oliva
------------------------------
Name: John Oliva
Title: Managing Director
/s/ Henry Swieca
------------------------------
HENRY SWIECA
CUSIP No. 69329Y104 13G Page 19 of 20 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 13, 2009
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
------------------------------ ------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
HIGHBRIDGE CONVERTIBLE ARBITRAGE STAR, L.P. (a statistical arbitrage
MASTER FUND, L.P. strategy)
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
HIGHBRIDGE STATISTICAL OPPORTUNITIES
SGAM AI EQUITY FUND 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
CUSIP No. 69329Y104 13G Page 20 of 20 Pages
Title: Managing Director Title: Managing Director
HIGHBRIDGE CONVERTIBLE OPPORTUNITIES
MASTER FUND, L.P.
By: Highbridge Capital Management, LLC /s/ Glenn Dubin
its Trading Manager -----------------------------------
GLENN DUBIN
By: /s/ John Oliva
------------------------------
Name: John Oliva
Title: Managing Director
/s/ Henry Swieca
------------------------------
HENRY SWIECA