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  <p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
  D.C. 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Form&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br>
  PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF
  1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  of report (date of earliest event reported):</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">May&nbsp;28, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PDL BioPharma,&nbsp;Inc.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
  name of registrant as specified in its charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-19756</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">94-3023969</font></b></p>
    </td>
   </tr>
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    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
    jurisdiction of incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
    No.)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
    Identification<br>
    No.)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1400 Seaport Boulevard</font></b></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Redwood City, California 94063</font></b><br>
  (Address of principal executive offices)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s
  telephone number, including area code:<br>
  <b>(650)&nbsp;454-1000</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2.
  below):</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  Written communications pursuant to Rule&nbsp;425 under the Securities Act (17
  CFR 230.425)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
  240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the
  Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>
  Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the
  Exchange Act (17 CFR 240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\08-15543-1\task2966008\15543-1-ba.htm',USER='eudelho',CD='May 29 16:24 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02. Departure of Directors or
  Principal Officers; Election of Directors; Appointment of Principal Officers.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160; On May
  28, 2008, the Board of Directors (the &#147;Board&#148;) of PDL BioPharma, Inc. (&#147;PDL&#148;)
  eliminated the position of Interim Chief Executive Officer.&#160; As a result, L. Patrick Gage&#146;s tenure in that
  position terminated on May 28, 2008.&#160;
  Also on May 28, 2008, L. Patrick Gage resigned as a director of PDL due
  to differences of opinion among the Board members over the prioritization of
  PDL&#146;s objectives. Further, on May 28, 2008, Karen Dawes resigned as a director
  of PDL for personal reasons.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PDL confirmed that its strategic objectives remain as
  previously announced on April&nbsp;10, 2008, including PDL&#146;s intent to
  (i)&nbsp;spin-off its biotechnology assets into a separate publicly traded
  entity apart from its antibody humanization royalty assets, and to capitalize
  the new biotechnology spin-off company with approximately $375 million in cash
  at the completion of the spin-off transaction, and (ii)&nbsp;retains the right
  to antibody humanization royalty revenues from all current and future licensed
  products and plan to distribute this income to stockholders, net of any
  operating expenses, debt service and income taxes.&#160; In addition, as previously announced, while
  PDL plans for the spin-off, it continues to evaluate opportunities to sell or
  securitize all or part of its antibody humanization royalties; however, PDL
  cannot assure that it will be able to consummate a sale or securitization of
  its antibody humanization patent royalty stream on terms acceptable to it, or
  at all.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PDL Board members Laurence Korn, Joseph Klein III and Brad
  Goodwin will jointly constitute an Office of the Chair of the Board (the
  &#147;Office of the Chair&#148;).&#160; The members of
  PDL&#146;s Executive Team will report directly to the Office of the Chair while PDL
  continues its search for a new Chief Executive Officer.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The press release announcing these changes is attached
  as Exhibit&nbsp;99.1 to this current report on Form&nbsp;8-K and is
  incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PDL&#146;s statements regarding its strategic objectives are
  forward looking statements and are subject to risks and uncertainties,
  including:</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:18.5pt;">
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the failure to obtain necessary consents from third
    parties could delay or make impractical a spin-off of PDL&#146;s biotechnology
    assets;</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">changes in development or operations plans could
    affect the initial cash funding needed to adequately capitalize the
    biotechnology entity;</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PDL may not be able to negotiate a sale or
    securitization of its antibody humanization royalty assets on terms
    acceptable to it, or at all; and</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="18" valign="top" style="padding:0in .5pt 0in .5pt;width:13.45pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
    </td>
    <td width="9" valign="bottom" style="padding:0in .5pt 0in .5pt;width:6.8pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="669" valign="top" style="padding:0in .5pt 0in .5pt;width:501.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">alternative transactions or opportunities could
    arise or be pursued which would alter the timing or advisability of
    anticipated or planned transactions.</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160; The
  information set forth in Item 5.02(a) is incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03. Amendments to Articles of
  Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;28, 2008, the Board of Directors of the
  Company approved an amendment to Article&nbsp;V, Section&nbsp;1 of the
  Company&#146;s amended and restated bylaws (the &#147;Restated Bylaws&#148;):</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;1. <u>Officers</u>. </font></b>The
  officers of the Corporation may include a Chief Executive Officer, one or more
  Presidents, one or more Vice Presidents, a Secretary, and a Chief Financial
  Officer of the Corporation. The Corporation may also have, at the discretion of
  the Board of Directors, a Chairperson of the Board, a Treasurer, one or more Assistant
  Secretaries, a General Counsel and such other officers as may be appointed in
  accordance with the provisions of Section&nbsp;3 of this Article&nbsp;V. The
  Chairperson of the Board, if there shall be such a position, shall be a member
  of the Board of Directors. One office may be held by two or more persons.</p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Restated Bylaws have also been amended to replace
  all instances of &#147;Chairman&#148; with &#147;Chairperson.&#148;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;9.01 Financial Statements
  and Exhibits.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Exhibits</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;margin-left:18.5pt;">
   <tr>
    <td width="69" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:51.5pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="20" valign="bottom" style="padding:0in .5pt 0in .5pt;width:14.7pt;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="608" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .5pt 0in .5pt;width:455.75pt;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="69" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:51.5pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="20" valign="bottom" style="padding:0in .5pt 0in .5pt;width:14.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="608" valign="top" style="border:none;padding:0in .5pt 0in .5pt;width:455.75pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="69" valign="top" style="padding:0in .5pt 0in .5pt;width:51.5pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
    </td>
    <td width="20" valign="bottom" style="padding:0in .5pt 0in .5pt;width:14.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="608" valign="top" style="padding:0in .5pt 0in .5pt;width:455.75pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws of PDL
    BioPharma,&nbsp;Inc., as amended on May&nbsp;28, 2008.</font></p>
    </td>
   </tr>
   <tr>
    <td width="69" valign="top" style="padding:0in .5pt 0in .5pt;width:51.5pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1</font></p>
    </td>
    <td width="20" valign="bottom" style="padding:0in .5pt 0in .5pt;width:14.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="608" valign="top" style="padding:0in .5pt 0in .5pt;width:455.75pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Letter from L. Patrick Gage to PDL BioPharma, Inc.
    dated May 29, 2008.</font></p>
    </td>
   </tr>
   <tr>
    <td width="69" valign="top" style="padding:0in .5pt 0in .5pt;width:51.5pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
    </td>
    <td width="20" valign="bottom" style="padding:0in .5pt 0in .5pt;width:14.7pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="608" valign="top" style="padding:0in .5pt 0in .5pt;width:455.75pt;">
    <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release dated May&nbsp;29, 2008 issued by PDL
    BioPharma,&nbsp;Inc.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;vertical-align:top;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;vertical-align:top;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\eudelhofen\08-15543-1\task2966008\15543-1-ba.htm',USER='eudelho',CD='May 29 16:24 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160;&#160;&#160; May&nbsp;29, 2008</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;"><p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PDL BioPharma,&nbsp;Inc.</font></b></p></td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p></td>
    <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; /s/ Andrew Guggenhime</font></p></td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew Guggenhime</font></p></td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and Chief Financial Officer</font></p></td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Courier" style="font-size:10.0pt;">
  
  <hr size="3" width="100%" noshade color="#010101" align="left">
  
  </font></p></div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\eudelhofen\08-15543-1\task2966008\15543-1-ba.htm',USER='eudelho',CD='May 29 16:24 2008' -->
  
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-15543_18k.htm", "description": "8-K", "secsgml_size_bytes": 32189}]
metadata_filer: {"company-data": {"conformed-name": "PDL BIOPHARMA, INC.", "cik": "0000882104", "assigned-sic": "2836", "irs-number": "943023969", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19756", "film-number": "08867708"}, "business-address": {"street1": "1400 SEAPORT BLVD.", "city": "REDWOOD CITY", "state": "CA", "zip": "94063", "phone": "650-454-1000"}, "mail-address": {"street1": "1400 SEAPORT BLVD.", "city": "REDWOOD CITY", "state": "CA", "zip": "94063"}, "former-company": {"former-conformed-name": "PROTEIN DESIGN LABS INC/DE", "date-changed": "19930328"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  Form 8-K
  CURRENT REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
  1934
  Date
  of report (date of earliest event reported):
  May 28, 2008
  PDL BioPharma, Inc.
  (Exact
  name of registrant as specified in its charter)
  Delaware
  000-19756
  94-3023969
  (State or other
    jurisdiction of incorporation)
  (Commission File
    No.)
  (I.R.S. Employer
    Identification
  No.)
  1400 Seaport Boulevard
  Redwood City, California 94063
  (Address of principal executive offices)
  Registrant's
  telephone number, including area code:
  (650) 454-1000
  Check the appropriate box below if the Form 8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2.
  below):
  o
  Written communications pursuant to Rule 425 under the Securities Act (17
  CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the
  Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the
  Exchange Act (17 CFR 240.13e-4(c))
  Item 5.02. Departure of Directors or
  Principal Officers; Election of Directors; Appointment of Principal Officers.
  (a)     On May
  28, 2008, the Board of Directors (the "Board") of PDL BioPharma, Inc. ("PDL")
  eliminated the position of Interim Chief Executive Officer.  As a result, L. Patrick Gage's tenure in that
  position terminated on May 28, 2008. 
  Also on May 28, 2008, L. Patrick Gage resigned as a director of PDL due
  to differences of opinion among the Board members over the prioritization of
  PDL's objectives. Further, on May 28, 2008, Karen Dawes resigned as a director
  of PDL for personal reasons.
  PDL confirmed that its strategic objectives remain as
  previously announced on April 10, 2008, including PDL's intent to
  (i) spin-off its biotechnology assets into a separate publicly traded
  entity apart from its antibody humanization royalty assets, and to capitalize
  the new biotechnology spin-off company with approximately $375 million in cash
  at the completion of the spin-off transaction, and (ii) retains the right
  to antibody humanization royalty revenues from all current and future licensed
  products and plan to distribute this income to stockholders, net of any
  operating expenses, debt service and income taxes.  In addition, as previously announced, while
  PDL plans for the spin-off, it continues to evaluate opportunities to sell or
  securitize all or part of its antibody humanization royalties; however, PDL
  cannot assure that it will be able to consummate a sale or securitization of
  its antibody humanization patent royalty stream on terms acceptable to it, or
  at all.
  PDL Board members Laurence Korn, Joseph Klein III and Brad
  Goodwin will jointly constitute an Office of the Chair of the Board (the
  "Office of the Chair").  The members of
  PDL's Executive Team will report directly to the Office of the Chair while PDL
  continues its search for a new Chief Executive Officer.
  The press release announcing these changes is attached
  as Exhibit 99.1 to this current report on Form 8-K and is
  incorporated herein by reference.
  PDL's statements regarding its strategic objectives are
  forward looking statements and are subject to risks and uncertainties,
  including:
  ·
  the failure to obtain necessary consents from third
    parties could delay or make impractical a spin-off of PDL's biotechnology
    assets;
  ·
  changes in development or operations plans could
    affect the initial cash funding needed to adequately capitalize the
    biotechnology entity;
  ·
  PDL may not be able to negotiate a sale or
    securitization of its antibody humanization royalty assets on terms
    acceptable to it, or at all; and
  ·
  alternative transactions or opportunities could
    arise or be pursued which would alter the timing or advisability of
    anticipated or planned transactions.
  (b)     The
  information set forth in Item 5.02(a) is incorporated herein by reference.
  Item 5.03. Amendments to Articles of
  Incorporation or Bylaws; Change in Fiscal Year.
  On May 28, 2008, the Board of Directors of the
  Company approved an amendment to Article V, Section 1 of the
  Company's amended and restated bylaws (the "Restated Bylaws"):
  Section 1.
  Officers
  .
  The
  officers of the Corporation may include a Chief Executive Officer, one or more
  Presidents, one or more Vice Presidents, a Secretary, and a Chief Financial
  Officer of the Corporation. The Corporation may also have, at the discretion of
  the Board of Directors, a Chairperson of the Board, a Treasurer, one or more Assistant
  Secretaries, a General Counsel and such other officers as may be appointed in
  accordance with the provisions of Section 3 of this Article V. The
  Chairperson of the Board, if there shall be such a position, shall be a member
  of the Board of Directors. One office may be held by two or more persons.
  The Restated Bylaws have also been amended to replace
  all instances of "Chairman" with "Chairperson."
  Item 9.01 Financial Statements
  and Exhibits.
  (d) Exhibits
  Exhibit No.
  Exhibit Description
  3.1
  Amended and Restated Bylaws of PDL
    BioPharma, Inc., as amended on May 28, 2008.
  17.1
  Letter from L. Patrick Gage to PDL BioPharma, Inc.
    dated May 29, 2008.
  99.1
  Press Release dated May 29, 2008 issued by PDL
    BioPharma, Inc.
  2
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.
  Date:    May 29, 2008
  PDL BioPharma, Inc.
  By:
  /s/ Andrew Guggenhime
  Andrew Guggenhime
  Senior Vice President and Chief Financial Officer
  3