PDL announces new record date for spinoff of Facet Biotech

By Lisa Kerner

Charlotte, N.C., Dec. 5 - PDL BioPharma, Inc. reset the record date for the spinoff of its biotechnology operations from its antibody humanization royalty assets to Dec. 5.

Each PDL stockholder as of the record date will receive one share of Facet Biotech Corp. common stock for every five shares of PDL common stock held, a company news release said.

PDL expects the spinoff to be completed and the distribution to occur on or about Dec. 18.

It was previously reported that PDL, a Redwood City, Calif., biopharmaceutical company, plans to relocate its corporate headquarters and ongoing business operations to a new location outside California following the spinoff.

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