Highland increases ownership of PDL BioPharma to 8.1%

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Investors led by Highland Capital Management, LP upped their stake in PDL BioPharma, Inc. to 8.1%, from 7%, with the purchase of 2.01 million shares of the company's stock.

The shares were acquired between Dec. 10 and Dec. 13 priced from $17.85 to $18.49 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Highland owns 9.44 million shares of the Wilmington, N.C., pharmaceutical company's stock.

The investor, in a previous SEC filing, said a sale of PDL BioPharma as a whole or "the monetization of its key assets will generate significant value for shareholders."

Highland also urged the board to retain additional expertise in evaluating PDL BioPharma's royalty stream and recommended the company conduct a royalty auction in early 2008.

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