UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
UNITED THERAPEUTICS CORPORATION
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
91307C102
(CUSIP Number)
December 31, 2004
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
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).
Page 1 of 12
CUSIP No. 91307C102 13G Page 2 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Capital Advisors, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 400,000 (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 400,000 (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,000 (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.8% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
00
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 12
CUSIP No. 91307C102 13G Page 3 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Capital Management, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 400,000 (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 400,000 (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,000 (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.8% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
00
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 12
CUSIP No. 91307C102 13G Page 4 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
S.A.C. Capital Associates, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 400,000 (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 400,000 (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,000 (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.8% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
00
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 12
CUSIP No. 91307C102 13G Page 5 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sigma Capital Management, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,466,826* (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 1,466,826* (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,466,826* (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.6% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
00
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 12
CUSIP No. 91307C102 13G Page 6 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sigma Capital Associates, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,466,826* (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 1,466,826* (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,466,826* (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.6% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
00
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 12
CUSIP No. 91307C102 13G Page 7 of 12 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Steven A. Cohen
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 1,866,826* (see Item 4)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 1,866,826* (see Item 4)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,866,826* (see Item 4)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.4% (see Item 4)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 12
ITEM 1(a) NAME OF ISSUER:
United Therapeutics Corporation
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1110 Spring Street
Silver Spring, ND 20910
ITEMS 2(a) NAME OF PERSON FILING:
This statement is filed by: (i) S.A.C. Capital Advisors, LLC,
("SAC Capital Advisors") with respect to shares of common
stock, par value $0.01 per share ("Shares") of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates"); (ii) S.A.C. Capital Management, LLC,
("SAC Capital Management") with respect to Shares beneficially
owned by SAC Capital Associates; (iii) SAC Capital Associates
with respect to Shares beneficially owned by it; (iv) Sigma
Capital Management, LLC ("Sigma Capital Management") with
respect to Shares beneficially owned by Sigma Capital
Associates, LLC ("Sigma Capital Associates"); (v) Sigma Capital
Associates with respect to Shares beneficially owned by it; and
(vi) Steven A. Cohen with respect to Shares beneficially owned
by SAC Capital Advisors, SAC Capital Management, SAC Capital
Associates, Sigma Capital Management and Sigma Capital
Associates.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal business office of (i) SAC Capital
Advisors and Mr. Cohen is 72 Cummings Point Road, Stamford,
Connecticut 06902, (ii) SAC Capital Management and Sigma
Capital Management is 540 Madison Avenue, New York, New York
10022, and (iii) SAC Capital Associates, and Sigma Capital
Associates is P.O. Box 58, Victoria House, The Valley,
Anguilla, British West Indies.
ITEM 2(c) CITIZENSHIP:
SAC Capital Advisors, SAC Capital Management and Sigma Capital
Management are Delaware limited liability companies. SAC
Capital Associates, and Sigma Capital Associates are Anguillan
limited liability companies. Mr. Cohen is a United States
citizen.
Page 8 of 12
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.01 per share
ITEM 2(e) CUSIP NUMBER:
91307C102
ITEM 3 Not Applicable
ITEM 4 OWNERSHIP:
The percentages used herein are calculated based upon the
Shares issued and outstanding as of November 1, 2004 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission by the Company for
the fiscal year ended December 31, 2004.
As of the close of business on December 31, 2004:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 400,000
(b) Percent of class: 1.8%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 400,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 400,000
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 400,000
(b) Percent of class: 1.8%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 400,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 400,000
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 400,000
(b) Percent of class: 1.8%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 400,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 400,000
Page 9 of 12
4. Sigma Capital Management, LLC
(a) Amount beneficially owned: 1,466,826*
(b) Percent of class: 6.6%
(c)(i) Sole power to vote or direct the vote: 1,466,826*
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 1,466,826*
5. Sigma Capital Associates, LLC
(a) Amount beneficially owned: 1,466,826*
(b) Percent of class: 6.6%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,466,826*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 1,466,826*
6. Steven A. Cohen
(a) Amount beneficially owned: 1,866,826*
(b) Percent of class: 8.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,866,826*
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the
disposition: 1,866,826*
* The number of shares reported herein includes options held by
Sigma Capital Associates on 225,000 Shares.
SAC Capital Advisors, SAC Capital Management, Sigma Capital
Management, and Mr. Cohen own directly no Shares. Pursuant to
investment agreements, each of SAC Capital Advisors and SAC
Capital Management share all investment and voting power with
respect to the securities held by SAC Capital Associates.
Pursuant to an investment management agreement, Sigma Capital
Management maintains investment and voting power with respect
to the securities held by Sigma Capital Associates. Mr. Cohen
controls each of SAC Capital Advisors, SAC Capital Management
and Sigma Capital Management. By reason of the provisions of
Rule 13d-3 of the Securities Exchange Act of 1934, as amended,
each of (i) SAC Capital Advisors, SAC Capital Management and
Mr. Cohen may be deemed to own beneficially 400,000 Shares
(constituting approximately 1.8% of the Shares outstanding) and
(ii) Sigma Capital Management and Mr. Cohen may be deemed to
own beneficially 1,466,826 shares (constituting approximately
6.6% of the Shares outstanding). Each of SAC Capital Advisors,
SAC Capital Management, Sigma Capital Management and Mr. Cohen
disclaim beneficial ownership of any of the securities covered
by this statement.
Page 10 of 12
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. |_|
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON:
Not Applicable
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY:
Not Applicable
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
ITEM 10 CERTIFICATION:
By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 11 of 12
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2005
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
SIGMA CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
SIGMA CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 12 of 12