FREMONT, Calif., July 6 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc.
(PDL) (Nasdaq: PDLI) announced today that it plans to move its corporate
headquarters from Fremont to Redwood City, Calif. during the third quarter
of 2007. In connection with the planned move, PDL has signed long-term
leases for two existing buildings that total approximately 450,000 square
feet.
The new headquarters will be located in the Pacific Shores Center in
Redwood City, approximately eight miles from PDL BioPharma's current
headquarters. The facility includes an existing office building and a
building shell, which together will house the company's research, clinical
development and administrative operations.
"PDL is essentially out of space in our current location, and the
leases we currently hold for the majority of our space in Fremont expire in
the near future. This new site should accommodate our staffing and
operational growth necessary to achieve our Vision 2010 aims, notably to
launch new products, build our pipeline and optimize sales of our marketed
products in North America," said Mark McDade, Chief Executive Officer, PDL.
"Over the past two years, we have carefully evaluated numerous
opportunities, including expansion at our current location, and we believe
the new location enables us to pursue our objectives in the most
cost-efficient manner. The new site is also a unique environment that will
bring all of our California-based employees closer together in a setting
that facilitates teamwork and communication."
PDL does not expect the move to have any impact on its financial
guidance for 2006. In connection with the planned move, the company intends
to sell the two buildings that it currently owns at its Fremont
headquarters. PDL will provide an update on its plans related to the new
headquarters, including anticipated capital expenditures, during its second
quarter earnings conference call.
PDL BioPharma currently has more than 1,000 employees, with
approximately half based at its current headquarters in Fremont.
About PDL BioPharma
PDL BioPharma, Inc. is a biopharmaceutical company focused on
discovering, developing and commercializing innovative therapies for severe
or life-threatening illnesses. The company currently markets and sells a
portfolio of leading products in the acute-care hospital setting in the
United States and Canada and generates royalties through licensing
agreements with top-tier biotechnology and pharmaceutical companies based
on its pioneering antibody humanization technology. Currently, PDL's
diverse late-stage product pipeline includes six investigational compounds
in Phase 2 or Phase 3 clinical development for hepatorenal syndrome,
inflammation and autoimmune diseases, cardiovascular disorders and cancer.
For more information, please see PDL's website at http://www.pdl.com .
Forward-looking Statements
The information in this press release should be considered accurate
only as of the date of the release. This press release contains
forward-looking statements involving risks and uncertainties and PDL's
actual results may differ materially from those, express or implied, in the
forward-looking statements. The forward-looking statements include PDL's
expectations regarding financial results as well as other statements
regarding PDL's expectations. Factors that may cause differences between
current expectations and actual results include, but are not limited to,
delays in the execution of plans to improve leased space at PDL's new
headquarters, unexpected expenses associated with those plans and changes
in the timing of the incurrence or recognition of those expenses.
Other factors that may cause PDL's actual results to differ materially
from those expressed or implied in the forward-looking statements in this
press release are discussed in PDL's filings with the Securities and
Exchange Commission (SEC), including the "Risk Factors" sections of its
annual and quarterly reports filed with the SEC. Copies of PDL's filings
with the SEC may be obtained at the "Investors" section of PDL's website at
http://www.pdl.com. PDL expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in PDL's expectations with regard
thereto or any change in events, conditions or circumstances on which any
such statements are based for any reason, except as required by law, even
as new information becomes available or other events occur in the future.
All forward-looking statements in this press release are qualified in their
entirety by this cautionary statement.
NOTE: PDL BioPharma and the PDL BioPharma logo are considered
trademarks of PDL BioPharma, Inc.
SOURCE PDL BioPharma, Inc.
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Related links:
http://www.pdl.com
CONTACT:
Ami Knoefler, Corporate and Investor
Relations, +1-510-284-8851, or ami.knoefler@pdl.com; or Jim Goff,
Investor Relations, +1-510-574-1421, or james.goff@pdl.com, both
of PDL BioPharma, Inc.
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