PDL BioPharma, Inc. (PDL) is a biotech company. The Company is engaged in managing a portfolio of patents and royalty assets, consisting primarily of its Queen et al. antibody humanization patents and license agreements with various biotechnology and pharmaceutical companies. PDL is engaged in the discovery of targeted treatments for cancer and immunologic diseases for which it receives royalty revenue. PDL is currently focused on intellectual property asset management, acquiring new income generating assets and maximizing value for its shareholders. PDL has entered into licensing agreements under its Queen et al. patents with entities that are independently developing or have developed humanized antibodies. The Company receives royalties on net sales of products that are made, used and/or sold prior to patent expiry. Under the licensing agreements, the Company receives a flat-rate or tiered royalty based upon its licensees� net sales of covered antibodies.