SEC Info - Third Point LLC, et al. - ‘SC 13D/A’ on 4/18/07 re: PDL Biopharma, Inc.

SEC Info℠

Home

Help

Please Sign In

Third Point LLC, et al. – ‘SC 13D/A’ on 4/18/07 re: PDL Biopharma, Inc.

On: Wednesday, 4/18/07, at 10:31am ET · Accession #: 899140-7-825 · File #: 5-43256

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 4/18/07  Third Point LLC                   SC 13D/A               2:27K  PDL Biopharma, Inc.               Willkie Fa… Gallagher/FA
          Daniel S. Loeb
          Jayson Aryeh
          Third Point Offshore Fund, Ltd.

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Third Amendment                                        8     31K 
 2: EX-99.1     Letter to Pdli                                         4     16K

SC 13D/A — Third Amendment
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Material to be Filed as Exhibits Purpose of Transaction Schedule 13D
1	1st Page - Filing Submission
"	Schedule 13D
6	Item 4. Purpose of Transaction
7	Item 7. Material to be Filed as Exhibits

SC 13D/A 1st Page of 8 TOC ↑Top Previous Next ↓Bottom Just 1st
 
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549

SCHEDULE 13D
 (Amendment No. 3)

Under the Securities Exchange Act of 1934*

 PDL BioPharma, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)

 Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)

 69329Y104
--------------------------------------------------------------------------------
 (CUSIP Number of Class of Securities)

Daniel S. Loeb
 Third Point LLC
 390 Park Avenue
New York, NY 10022
(212) 224-7400
--------------------------------------------------------------------------------
 (Name, Address and Telephone Number of Person
 Authorized to Receive Notices and Communications)

Copies to:
 Michael A. Schwartz, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
 New York, NY 10019-6099
(212) 728-8000

April 17, 2007
--------------------------------------------------------------------------------
 (Date of Event which Requires
Filing of this Schedule)

If the filing person has previously filed a statement on Schedule 13G to report 
the acquisition which is the subject of this Schedule 13D, and is filing this   
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]                                                              

NOTE: Schedules filed in paper format shall include a signed original and five  
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other    
parties to whom copies are to be sent.                                          

* The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter           
disclosures provided in a prior cover page.                                     

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of   
1934 ("Act") or otherwise subject to the liabilities of that section of the Act 
but shall be subject to all other provisions of the Act (however, see the       
Notes).                                                                         

SC 13D/A 2nd Page of 8 TOC 1st Previous Next ↓Bottom Just 2nd
    SCHEDULE 13D

----------------------------------                  ----------------------------
CUSIP No. 69329Y104                                 Page 2 of 8 Pages           
----------------------------------                  ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Third Point LLC                                     I.D. #13-3922602
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                

                                                       (a) [ ]
                                                       (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    

----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]                                  

----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Delaware                                                
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              11,203,600                                      
BY EACH REPORTING    --------- -------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

11,203,600      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

11,203,600                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

9.7%                                                    
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 3rd Page of 8 TOC 1st Previous Next ↓Bottom Just 3rd
SCHEDULE 13D

----------------------------------                  ----------------------------
CUSIP No. 69329Y104                                 Page 3 of 8 Pages           
----------------------------------                  ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Third Point Offshore Fund, Ltd.                         
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                

                                                       (a) [ ]
                                                       (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    

----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]                                  

----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

Cayman Islands                                          
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              7,241,500                                       
BY EACH REPORTING    --------- -------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

7,241,500       
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

7,241,500                                               
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

6.3%                                                    
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 4th Page of 8 TOC 1st Previous Next ↓Bottom Just 4th
SCHEDULE 13D

----------------------------------                  ----------------------------
CUSIP No. 69329Y104                                 Page 4 of 8 Pages           
----------------------------------                  ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Daniel S. Loeb                                          
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                

                                                       (a) [ ]
                                                       (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    

----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]                                  

----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

United States                                           
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              11,203,600                                      
BY EACH REPORTING    --------- -------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

11,203,600      
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

11,203,600                                              
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

9.7%                                                    
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

IN                                                      
----------- --------------------------------------------------------------------

SC 13D/A 5th Page of 8 TOC 1st Previous Next ↓Bottom Just 5th
SCHEDULE 13D

----------------------------------                  ----------------------------
CUSIP No. 69329Y104                                 Page 5 of 8 Pages           
----------------------------------                  ----------------------------

----------- --------------------------------------------------------------------
1       NAME OF REPORTING PERSON                                        
   I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Jayson Aryeh                                            
----------- --------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                

                                                       (a) [ ]
                                                       (b) [X]
----------- --------------------------------------------------------------------
3       SEC USE ONLY                                                    

----------- --------------------------------------------------------------------
4       SOURCE OF FUNDS*                                                

AF                                                      
----------- --------------------------------------------------------------------
   5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]                                  

----------- --------------------------------------------------------------------
6       CITIZENSHIP OR PLACE OF ORGANIZATION                            

United States                                           
--------------------- --------- ------------------------------------------------
7      SOLE VOTING POWER      

0               
                      --------- ------------------------------------------------
8      SHARED VOTING POWER    
NUMBER OF SHARES                                                                
BENEFICIALLY OWNED              62,783                                          
BY EACH REPORTING    --------- -------------------------------------------------
PERSON WITH              9      SOLE DISPOSITIVE POWER                          

0               
                      --------- ------------------------------------------------
 10     SHARED DISPOSITIVE POWER

62,783          
----------- --------------------------------------------------------------------
11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON              

62,783                                                  
----------- --------------------------------------------------------------------
12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN  
SHARES* [ ]                                             

----------- --------------------------------------------------------------------
13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)              

0.05%                                                   
----------- --------------------------------------------------------------------
14      TYPE OF REPORTING PERSON*                                       

OO                                                      
----------- --------------------------------------------------------------------

SC 13D/A 6th Page of 8 TOC 1st Previous Next ↓Bottom Just 6th
This Amendment No. 3 to Schedule 13D ("Amendment No. 3") amends the   
Schedule 13D filed on March 5, 2007 (as amended by Amendment No. 1 thereto filed
on March 21, 2007, Amendment No. 2 thereto filed on April 11, 2007, and this    
Amendment No. 3, the "Schedule 13D") and is being filed on behalf of Third Point
LLC, a Delaware limited liability company (the "Management Company" or "Third   
Point"), Third Point Offshore Fund, Ltd., a Cayman Islands limited liability    
exempted company (the "Offshore Fund"), Daniel S. Loeb, an individual ("Mr.     
Loeb", and together with the Management Company and the Offshore Fund, the      
"Third Point Reporting Persons"), and Jason Aryeh, an individual ("Mr. Aryeh",  
and together with the Third Point Reporting Persons, the "Reporting Persons").  
This Amendment No. 3 relates to the common stock, par value $0.01 per share (the
"Common Stock"), of PDL BioPharma, Inc., a Delaware corporation (the "Company").

     The Management Company is the investment manager or adviser to a variety of
hedge funds and managed accounts (such funds and accounts, including the        
Offshore Fund, the "Funds"). The Funds directly own the Common Stock to which   
this Schedule 13D relates, and Mr. Loeb and the Management Company may be deemed
to have beneficial ownership over such Common Stock by virtue of the authority  
granted to them by the Funds to vote and to dispose of the securities held by   
the Funds, including the Common Stock. Mr. Aryeh may be deemed to have          
beneficial ownership of the shares of Common Stock directly owned by JALAA      
Equities, LP ("JALAA") by virtue of his ability to vote and/or to dispose of the
securities held by JALAA, including the Common Stock.                           

Item 4.   Purpose of Transaction.                                               

        Item 4 of the Schedule 13D is hereby amended by adding the following
thereto:                                                                        

On April 17, 2007, Third Point sent a letter to Mark McDade, Chief    
Executive Officer of the Company, and to the other members of the Board of      
Directors of the Company (the "Board"), communicating its displeasure with the  
response of the Company to Mr. Loeb's previous letter of April 11. Third Point  
expressed its deep dissatisfaction with, among other things, the continuing     
failure of the Board to address the legitimate concerns of shareholders         
regarding the Company's corporate spending and performance, including the       
Company's failures to meet revenue and earnings expectations and product        
development timelines. In the letter, Third Point emphasized its belief that it 
is time for new leadership at the Company and repeated its call for the Board to
terminate Mr. McDade immediately as Chief Executive Officer of the Company and  
to explore all options to maximize value for the benefit of the Company's       
shareholders. Additionally, Third Point demanded that Company founder Laurence  
Korn be promoted to acting Chief Executive Officer and Chairman and reiterated  
its request for representation on the Board. Third Point agreed in the letter to
meet with the entire Board in the next two weeks, but without Mr. McDade. In the

6 

SC 13D/A 7th Page of 8 TOC 1st Previous Next ↓Bottom Just 7th
letter, Third Point made clear that it intends to continue its efforts to have  
the Board immediately remove Mr. McDade and engage an investment bank to explore
strategic alternatives.                                                         

 A copy of the letter is attached to this Schedule 13D as an exhibit and
incorporated herein by reference in its entirety.                               

Item 7.   Material to be Filed as Exhibits.                                     

99.1.     Letter, dated April 17, 2007, from Third Point to Mark McDade, Chief  
       Executive Officer of the Company, and the Board of Directors of the
Company.                                                    

[Signatures on following page]

7 

SC 13D/A Last Page of 8 TOC 1st Previous Next ↓Bottom Just 8th
SIGNATURES

   After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,   
complete and correct.                                                           

Dated:  April 18, 2007                                                          

THIRD POINT LLC 

    By:  Daniel S. Loeb,
                 Chief Executive Officer

      By:  /s/ Justin Nadler
                                     -------------------------------------------
               Name:   Justin Nadler
                  Title:  Attorney-in-Fact

               THIRD POINT OFFSHORE FUND, LTD.

    By:  Daniel S. Loeb,
  Director

      By:  /s/ Justin Nadler
                                     -------------------------------------------
               Name:   Justin Nadler
                  Title:  Attorney-in-Fact

DANIEL S. LOEB  

      By:  /s/ Justin Nadler
                                     -------------------------------------------
               Name:   Justin Nadler
                  Title:  Attorney-in-Fact

/s/ Jason Aryeh 
                                ------------------------------------------------
Jason Aryeh     

[SIGNATURE PAGE TO AMENDMENT NO. 3 TO SCHEDULE 13D
WITH RESPECT TO PDL BIOPHARMA, INC.]

SC 13D/A	1st Page of 8	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

SC 13D/A	2nd Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 2nd

SC 13D/A	3rd Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 3rd

SC 13D/A	4th Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 4th

SC 13D/A	5th Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 5th

SC 13D/A	6th Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 6th

SC 13D/A	7th Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 7th

SC 13D/A	Last Page of 8	TOC	1st	Previous	Next	↓Bottom	Just 8th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘SC 13D/A’ Filing	Date	First	Last	Other Filings

Filed on:	4/18/07	8		8-K
	4/17/07	1	7	4
	4/11/07	6		4, 8-K, SC 13D/A
	3/21/07	6		SC 13D/A
	3/5/07	6		SC 13D
				List all Filings

↑Top

Filing Submission 0000899140-07-000825 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Third Point LLC, et al. – ‘SC 13D/A’ on 4/18/07 re: PDL Biopharma, Inc.

On: Wednesday, 4/18/07, at 10:31am ET · Accession #: 899140-7-825 · File #: 5-43256

Previous ‘SC 13D’: ‘SC 13D/A’ on 4/11/07 · Next: ‘SC 13D/A’ on 4/23/07 · Latest: ‘SC 13D’ on 2/13/24

Amendment to General Statement of Beneficial Ownership — Schedule 13DFiling Table of Contents

SC 13D/A — Third AmendmentDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

SC 13D/A — Third Amendment
Document Table of Contents