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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-09-009917.txt : 20090219
<SEC-HEADER>0001181431-09-009917.hdr.sgml : 20090219
<ACCEPTANCE-DATETIME>20090219135756
ACCESSION NUMBER:		0001181431-09-009917
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090217
FILED AS OF DATE:		20090219
DATE AS OF CHANGE:		20090219

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Stone Christopher Lewis
		CENTRAL INDEX KEY:			0001453373

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19756
		FILM NUMBER:		09621030

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		530-545-3940

	MAIL ADDRESS:	
		STREET 1:		PO BOX 427
		STREET 2:		165 PINON ROAD
		CITY:			MARKLEEVILLE
		STATE:			CA
		ZIP:			96120

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd233807.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-02-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000882104</issuerCik>
        <issuerName>PDL BIOPHARMA, INC.</issuerName>
        <issuerTradingSymbol>PDLI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001453373</rptOwnerCik>
            <rptOwnerName>Stone Christopher Lewis</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 427</rptOwnerStreet1>
            <rptOwnerStreet2>165 PINON ROAD</rptOwnerStreet2>
            <rptOwnerCity>MARKLEEVILLE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>96120</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP and General Counsel</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-02-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25846</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25846</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These shares will vest and become payable upon the earlier to occur of (a) December 19, 2010 or (b) either (i) a merger or sale of PDL or a sale of all or substantially all of PDL's assets, or (ii) any securitization or other monetization of all or substantially all of PDL's assets.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Christopher Stone</signatureName>
        <signatureDate>2009-02-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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