-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VQXoeabs7nZYcj2AsGrwhVFgpcKO0zVlkjNViMtL+JrmpXoofYeqyOAU0KYTCR8q n6LXQ5x63um4Y4pt3SVnfg== 0001033427-10-000027.txt : 20100128 0001033427-10-000027.hdr.sgml : 20100128 20100128132119 ACCESSION NUMBER: 0001033427-10-000027 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20100128 DATE AS OF CHANGE: 20100128 GROUP MEMBERS: DAVID L. COHEN GROUP MEMBERS: HAROLD J. LEVY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PDL BIOPHARMA, INC. CENTRAL INDEX KEY: 0000882104 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 943023969 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-43256 FILM NUMBER: 10553074 BUSINESS ADDRESS: STREET 1: 932 SOUTHWOOD BLVD CITY: INCLINE VILLAGE STATE: NV ZIP: 89451 BUSINESS PHONE: 775-832-8500 MAIL ADDRESS: STREET 1: 932 SOUTHWOOD BLVD CITY: INCLINE VILLAGE STATE: NV ZIP: 89451 FORMER COMPANY: FORMER CONFORMED NAME: PROTEIN DESIGN LABS INC/DE DATE OF NAME CHANGE: 19930328 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: IRIDIAN ASSET MANAGEMENT LLC/CT CENTRAL INDEX KEY: 0001033427 IRS NUMBER: 061439577 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 276 POST RD WEST CITY: WESTPORT STATE: CT ZIP: 06880-4704 BUSINESS PHONE: 2033417800 MAIL ADDRESS: STREET 1: 276 POST ROAD WEST CITY: WESTPORT STATE: CT ZIP: 06880-4704 SC 13G/A 1 pdl13ga2123109.htm PDL 13G/A 12-31-09 Unassociated Document
 
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
(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:
 
[
X
]  Rule 13d-1(b)
[
 
]  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).
 
 

 
SCHEDULE 13G
CUSIP No. 69329Y104
 
 
 
1.
Names of Reporting Persons.
 
Iridian Asset Management LLC
I.R.S. Identification Nos. of above persons (entities only).
 
 
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
Delaware
 
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
10,749,779
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
10,749,779
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
10,749,779
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
9.0%
 
 
12.
Type of Reporting Person
IA
 
 
2
 
 

 
SCHEDULE 13G
CUSIP No. 69329Y104
 
 
 
1.
Names of Reporting Persons.
 
David L. Cohen
I.R.S. Identification Nos. of above persons (entities only).
 
 
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
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
10,749,779
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
10,749,779
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
10,749,779
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
9.0%
 
 
12.
Type of Reporting Person
IN
 
 
3
 
 

 
SCHEDULE 13G
CUSIP No. 69329Y104
 
 
 
1.
Names of Reporting Persons.
 
Harold J. Levy
I.R.S. Identification Nos. of above persons (entities only).
 
 
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
Shares
Beneficially
Owned by
Each Reporting
Person With:
5.
Sole Voting Power
0
 
6.
Shared Voting Power
10,749,779
 
7.
Sole Dispositive Power
0
 
8.
Shared Dispositive Power
10,749,779
 
 
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
10,749,779
 
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  [    ]
 
 
11.
Percent of Class Represented by Amount in Row (9)
9.0%
 
 
12.
Type of Reporting Person
IN
 
 
4
 
 

 
This Amendment amends in its entirety the Schedule 13G previously filed for the month ended December 31, 2008.
 
Item 1.
 
(a)
Name of Issuer
 
PDL BioPharma, Inc.
 
 
(b)
Address of Issuer's Principal Executive Offices
932 Southwood Boulevard, Incline Village, Nevada 89451
 
 
Item 2.
 
(a)
Name of Person Filing
This  Statement is being filed by and on behalf of Iridian Asset  Management LLC ("Iridian"), David L. Cohen ("Cohen") and Harold J. Levy ("Levy") (collectively, the "Reporting Persons").
Effective June 30, 2009, Cohen and Levy indirectly acquired ownership and control of 100% of the equity interest of Iridian from BIAM (US) Inc., an indirect wholly owned subsidiary of The Governor and Company of the Bank of Ireland. Thus, on that date, Cohen and Levy may be deemed to have acquired beneficially ownership of all shares of Common Stock beneficially owned by Iridian.
Iridian is majority owned by Arovid Associates LLC, a Delaware limited liability company owned and controlled by the following:  12.5% by Cohen, 12.5% by Levy, 37.5% by LLMD LLC, a Delaware limited liability company, and 37.5% by ALHERO LLC, a Delaware limited liability company. LLMD LLC is owned 1% by Cohen, and 99% by a family trust controlled by Cohen. ALHERO LLC is owned 1% by Levy and 99% by a family trust controlled by Levy.
 
 
(b)
Address of Principal Business Office or, if none, Residence
 
The principal business address of the Reporting Persons is 276 Post Road West, Westport, CT 06880-4704.
 
 
(c)
Citizenship or Place of Organization
 
Iridian is a Delaware limited liability company. Cohen and Levy are US citizens.
 
 
(d)
Title of Class of Securities
 
Common Stock
 
 
(e)
CUSIP Number
 
69329Y104
 
 
Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
 
(a)
[   ]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
 
(b)
[   ]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
 
(c)
[   ]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
 
(d)
[   ]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
 
(e)
[   ]
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
 
(f)
[   ]
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
 
(g)
[   ]
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
 
(h)
[   ]
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
(i)
[   ]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
 
(j)
[ x]
Group, in accordance with §240.13d-1(b)(1)(ii)(J).
 
Item 4.
Ownership.
 
(a) and (b)
Amount beneficially owned and Percent of Class:
 
As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 10,749,779 shares of Common Stock which equates to approximately 9.0% of the outstanding shares (the percentage of shares of Common Stock owned being based upon 119,671,083 shares of Common Stock outstanding at November 5, 2009 as set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009).
Iridian has direct beneficial ownership of the shares of Common Stock in the accounts for which it serves as the investment adviser under its investment management agreements.
Messrs.  Cohen and Levy may be deemed to  possess  beneficial  ownership  of the shares of Common Stock beneficially owned by Iridian by virtue of their indirect controlling  ownership  of Iridian,  and having the power to vote and direct the disposition  of shares of Common  Stock as joint  Chief  Investment  Officers of Iridian. Messrs. Cohen and Levy disclaim beneficial ownership of such shares.
As used herein, "beneficial ownership" has the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as amended.
 
     
 
(c)
Power to vote or dispose.
Iridian has the direct power to vote or direct the vote, and the direct power to dispose or direct the disposition, of 10,749,779 shares of Common Stock. Cohen and Levy may be deemed to share with Iridian the power to vote or direct the vote and to dispose or direct the disposition of such shares.
 
 
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 [    ].
Not Applicable.
 
 
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
Iridian is an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, and its principal business is managing a number of accounts containing securities over which Iridian has voting and dispositive power.
 
 
Each of Messrs. Cohen and Levy has a controlling interest in Iridian, and serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Iridian.
 
 
 
Item 9.
Notice of Dissolution of Group
 
Not Applicable
 
 
Item 10.
Certification
By  signing  below the  undersigned  certifies  that,  to the best of its or his knowledge  and belief,  the  securities  referred to above were acquired and are held in the  ordinary  course of business and were not acquired and are not held for the  purpose of and do not have 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 such purpose or effect.
 
SIGNATURE
 

 
After reasonable inquiry and to the best of its or his knowledge and belief, we certify that the information set forth in this statement is true, complete and correct.
 
Date:   January 28, 2010
 
IRIDIAN ASSET MANAGEMENT LLC
 
 
By:
/s/ Jeffrey M. Elliott
_________________________
      Jeffrey M. Elliott
 
Title:
   Executive Vice President
 
 
David L. Cohen
 
 
By:
/s/ Jeffrey M. Elliott
_________________________
      Jeffrey M. Elliott
 
Title:
   Agent 
 
 
Harold J. Levy
 
 
By:
/s/ Jeffrey M. Elliott
__________________________
      Jeffrey M. Elliott
 
Title:
   Agent 
 
 

 
EX-99 2 pdlex99.htm JOINT FILING AGREEMENT Unassociated Document

JOINT FILING AGREEMENT
 
This JOINT FILING AGREEMENT is made and entered into by and among Iridian Asset Management LLC, David L. Cohen and Harold J. Levy.
 
The parties to this Agreement hereby agree to prepare jointly and file timely (or otherwise deliver as appropriate) all filings on Schedule 13D and Schedule 13G (the “Filings”) required to be filed by them pursuant to Section 13(d) or 13(g) under the Securities Exchange Act of 1934, as amended, with respect to their respective ownership of any securities of PDL BioPharma, Inc. that are required to be reported on any Filings. Each party to this Agreement further agrees and covenants to the other parties that it will fully cooperate with such other parties in the preparation and timely filing (and other delivery) of all such Filings.
 
Date:   January 28, 2010
 
IRIDIAN ASSET MANAGEMENT LLC
 
 
By:
/s/ Jeffrey M. Elliott
___________________________
Jeffrey M. Elliott
 
Title:
Executive Vice President
 
 
David L. Cohen
 
 
By:
/s/ Jeffrey M. Elliott
___________________________
Jeffrey M. Elliott
 
Title:
Agent 
 
 
Harold J. Levy
 
 
By:
/s/ Jeffrey M. Elliott
___________________________
Jeffrey M. Elliott
 
Title:
Agent 


-----END PRIVACY-ENHANCED MESSAGE-----