------------------------------
OMB APPROVAL
------------------------------
OMB Number 3235-0362
Expires: September 30, 1998
Estimated average burden
hours per response ....... 1.0
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
[_] Form 3 Holdings Reported
[_] Form 4 Transactions Reported
(Print or Type Responses)
________________________________________________________________________________
1. Name and Address of Reporting Person*
OrbiMed Advisors LLC(1)
--------------------------------------------------------------------------------
(Last) (First) (Middle)
767 Third Avenue
--------------------------------------------------------------------------------
(Street)
New York NY 10010
--------------------------------------------------------------------------------
(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Orphan Medical, Inc.
________________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
December, 2001
________________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Persons to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
________________________________________________________________________________
7. Individual or Joint/Group Filing
(Check Applicable Line)
[_] Form filed by One Reporting Person
[X] Form filed by More than One Reporting Person
________________________________________________________________________________
================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
4. 5. 6.
Securities Acquired (A) or Amount of Owner-
Disposed of (D) Securities ship
3. (Instr. 3, 4 and 5) Beneficially Form: 7.
2. Transaction ----------------------------- Owned at End Direct Nature of
1. Transaction Code of Issuer's (D) or Indirect
Title of Security Date (Instr. 8) (A) Fiscal Year Indirect Beneficial
(Instr. 3) (mm/dd/yy) ---------- or (Instr. 3 (I) Ownership
Code Amount (D) Price and 4) (Instr.4) (Instr. 4)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/07/01 P 337,302 A $8.25 1,602,302 I(2)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
FORM 5 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- Securities Date Securities Price Bene- ity: In-
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- 4. or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Trans- of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date action (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ Code 4 and 5) Date Expira- Number ity Year (I) ship
Security Secur- Day/ (Instr. ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) 8) (A) (D) cisable Date Title Shares 5) 4) 4) 4)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
Explanation of Responses:
(1) Joint filing with OrbiMed Advisors Inc. and Samuel D. Isaly (3) of the same
address.
(2) OrbiMed Advisors LLC, OrbiMed Advisors Inc., and Samuel D. Isaly have
investment management discretion over a number of collective investment
funds investing in Orphan Medical, Inc. stock. The reporting persons have no
beneficial interest in the securities pursuant to Rule 16a-1(2).
(3) OrbiMed Advisors Inc. is 100% owned by Samuel D. Isaly who also has a
controlling interest in OrbiMed Advisors LLC.
Samuel D. Isaly 2/15/02
--------------------------------------------- -----------------------
*Signature of Reporting Person Date
* Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
SEC 2270 (7-96)