PDL raises conversion rate on 2% convertible notes due 2012

By Devika Patel

Knoxville, Tenn., March 17 - PDL BioPharma, Inc. said it has adjusted the conversion rate of its 2% convertible senior notes due Feb. 15, 2012 to 89.165 shares per $1,000 of convertible notes from 82.162 per $1,000.

The adjustment, effective March 17, is due to the company's previously announced cash dividend of $0.50 per common share.

PDL is a Wilmington, N.C., pharmaceutical company.

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