UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
UNITED THERAPEUTICS CORPORATION
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(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
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(Title of Class of Securities)
91307C102
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(CUSIP Number)
December 31, 2005
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(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).
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CUSIP No. 91307C102 13G Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED ---------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 67,600 (see Item 4)
PERSON ---------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
---------------------------------------------------------
8 SHARED DISPOSITIVE POWER
67,600 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,600 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 11
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CUSIP No. 91307C102 13G Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 67,600 (see Item 4)
PERSON -----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
67,600 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,600 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 11
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CUSIP No. 91307C102 13G Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 51,000 (see Item 4)
PERSON -----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
51,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,000 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.2% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 11
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CUSIP No. 91307C102 13G Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigma Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED ----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 0 (see Item 4)
PERSON ----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (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)
0% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 11
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CUSIP No. 91307C102 13G Page 6 of 11 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /_/
(b) /x/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------------
BY 6 SHARED VOTING POWER
EACH
REPORTING 118,600 (see Item 4)
PERSON -----------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
118,600 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
118,600 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/ /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.5% (see Item 4)
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 11
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) CR Intrinsic Investors,
LLC ("CR Intrinsic Investors") with respect to Shares
beneficially owned by CR Intrinsic Investments, LLC ("CR
Intrinsic Investments"); (iv) Sigma Capital Management, LLC
("Sigma Management") and (iv) Steven A. Cohen with respect to
Shares beneficially owned by SAC Capital Advisors, SAC Capital
Management, SAC Capital Associates, CR Intrinsic Investors and
CR Intrinsic Investments.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal business office of (i) SAC Capital
Advisors, CR Intrinsic Investors and Mr. Cohen is 72 Cummings
Point Road, Stamford, Connecticut 06902 and (ii) SAC Capital
Management and Sigma Management is 540 Madison Avenue, New
York, New York 10022.
ITEM 2(c) CITIZENSHIP:
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Sigma Management are Delaware limited liability
companies. Mr. Cohen is a United States citizen.
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.01 per share
Page 7 of 11
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 October 28, 2005 as reported on the
Issuer's quarterly report on Form 10-Q filed with the Securities
and Exchange Commission by the Company for the quarterly period
ended September 30, 2005.
As of the close of business on December 30, 2005:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 67,600
(b) Percent of class: 0.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 67,600
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 67,600
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 67,600
(b) Percent of class: 0.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 67,600
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 67,600
3. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 51,000
(b) Percent of class: 0.2%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 51,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 51,000
4. Sigma Capital Management, LLC
(a) Amount beneficially owned: 0
(b) Percent of class: 0 %
(c)(i) Sole power to vote or direct the vote: 0
(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: 0
Page 8 of 11
5. Steven A. Cohen
(a) Amount beneficially owned: 118,600
(b) Percent of class: 0.5%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 118,600
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 118,600
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen own directly no Shares. Sigma Management
owns 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, CR Intrinsic Investors has investment and voting
power with respect to the securities held by CR Intrinsic
Investments. Mr. Cohen controls each of SAC Capital Advisors,
SAC Capital Management and CR Intrinsic Investors. CR Intrinsic
Investments is a wholly owned subsidiary of SAC Capital
Associates. 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 67,600 Shares (constituting
approximately 0.3% of the Shares outstanding) and (ii) CR
Intrinsic and Mr. Cohen may be deemed to own beneficially 51,000
shares (constituting approximately 0.2% of the Shares
outstanding). Each of SAC Capital Advisors, SAC Capital
Management, CR Intrinsic Investors and Mr. Cohen disclaim
beneficial ownership of any of the securities covered by this
statement. SAC Associates disclaims beneficial ownership of any
of the securities owned by CR Intrinsic Investments.
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. /x/
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON:
Not Applicable
Page 9 of 11
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 10 of 11
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, 2006
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
CR INTRINSIC INVESTORS, 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
STEVEN A. COHEN
By: /s/ Peter Nussbaum
-----------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 11 of 11