<?php

$str = '"Fname1 Lname1" <abc@email.com>, "Fname2 Lname2" <xyz@gmail.com>';

$pairs = explode( ",", $str );

foreach( $pairs as $pair ) {

  $pair = explode( "<", $pair );
  $pair['0'] = trim( str_replace( "\"", "", $pair['0'] ) );
  $pair['1'] = trim( rtrim( $pair['1'], ">" ) );


  print_r($pair);
}


?>

Array
(
    [0] => Fname1 Lname1
    [1] => abc@email.com
)
Array
(
    [0] => Fname2 Lname2
    [1] => xyz@gmail.com
)