PDL BioPharma, Inc. (PDL) is engaged in the business of management of its antibody humanization patents and royalty assets, which consist of the Company's Queen et al. patents and license agreements with several biotechnology and pharmaceutical companies. The Company receives royalties based on these license agreements on sales of a number of humanized antibody products marketed, and also receives royalty payments on additional humanized antibody products. The Company receives royalties on sales of nine humanized antibody products, which include Avastin, Herceptin, Xolair, Raptiva, Lucentis, Synagis, Tysabri, Mylotarg and Actemra. In March 2008, PDL completed the divestiture of its commercial and manufacturing operations. On December 17, 2008, the Company transferred its biotechnology operations to Facet Biotech Corporation (Facet).