NEW YORK, Dec. 10 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:

• Masimo Corp. (Nasdaq: MASI) will replace PDL BioPharma Inc. (Nasdaq: PDLI) in the S&P MidCap 400 after the close of trading on Thursday, December 18. PDL BioPharma is spinning off its biotechnology operations in a transaction expected to be completed on or about that date. After the spin-off, PDL BioPharma will no longer be representative of the U.S. mid-cap space.

• Clearwater Paper Corp. (NYSE: CLWwi) will replace PharmaNet Development Group Inc. (Nasdaq: PDGI) in the S&P SmallCap 600 after the close of trading on Tuesday, December 16. S&P MidCap 400 and S&P REIT Composite constituent Potlatch Corp. (NYSE: PCH) is spinning off Clearwater Paper in a transaction expected to be completed on or about that date. As of today's close, PharmaNet Development Group had a market capitalization of approximately $17 million, ranking it 600th in the index.

Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.

Masimo is a medical technology company. Headquartered in Irvine, CA, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Health Care Equipment Sub-Industry index.

Clearwater Paper is a pulp-based manufacturing company. Headquartered in Spokane, WA, the company will be added to the S&P SmallCap 600 GICS Paper Products Sub-Industry index.

Following is a summary of the changes:

                      S&P SMALLCAP 600 INDEX   - December 16, 2008
                  COMPANY          GICS ECONOMIC SECTOR    GICS SUB-INDUSTRY
      ADDED  Clearwater Paper           Materials           Paper Products
     DELETED    PharmaNet               Health Care       Life Sciences Tools
                Development                                    & Services



                     S&P MIDCAP 400 INDEX   - December 18, 2008
                 COMPANY          GICS ECONOMIC SECTOR    GICS SUB-INDUSTRY
      ADDED     Masimo               Health Care       Health Care Equipment
     DELETED PDL BioPharma           Health Care            Biotechnology

Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.

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SOURCE Standard & Poor's