UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.)*
UNITED THERAPEUTICS CORPORATION
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
91307C102
---------
(CUSIP Number)
February 23, 2006
-----------------
(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 10 Pages
-------------------------------------- -------------------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
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
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 86,454 (see Item 4)
BY EACH ----- ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
86,454 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
86,454 (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)
0.4% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
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CUSIP No. 91307C102 13G Page 3 of 10 Pages
-------------------------------------- -------------------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 86,454 (see Item 4)
BY EACH ----- ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
86,454 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
86,454 (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)
0.4% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
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CUSIP No. 91307C102 13G Page 4 of 10 Pages
-------------------------------------- -------------------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 320,000 (see Item 4)
BY EACH ----- ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
320,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
320,000 (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)
1.4% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
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CUSIP No. 91307C102 13G Page 5 of 10 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]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 406,454 (see Item 4)
BY EACH ----- ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
406,454 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
406,454 (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)
1.7% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Item 1(a) Name of Issuer:
--------------
United Therapeutics Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
1110 Spring Street
Silver Spring, MD 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. MultiQuant Fund, LLC
("SAC MultiQuant"); (ii) S.A.C. Capital Management, LLC,
("SAC Capital Management") with respect to Shares
beneficially owned by SAC MultiQuant; (iii) Sigma Capital
Management, LLC ("Sigma Management") with respect to Shares
beneficially owned by Sigma Capital Associates, LLC ("Sigma
Capital Associates") and (iv) Steven A. Cohen with respect
to Shares beneficially owned by SAC Capital Advisors, SAC
Capital Management, SAC MultiQuant, Sigma 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 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 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
Item 2(e) CUSIP Number:
-------------
91307C102
Item 3 Not Applicable
Page 6 of 10
Item 4 Ownership:
----------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of February 21, 2006 as
reported on the Issuer's annual report on Form 10-K filed
with the Securities and Exchange Commission by the Company
for the fiscal year ended December 31, 2005.
As of the close of business on March 2, 2006:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 86,454
(b) Percent of class: 0.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 86,454
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
86,454
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 86,454
(b) Percent of class: 0.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 86,454
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
86,454
3. Sigma Capital Management, LLC
(a) Amount beneficially owned: 320,000
(b) Percent of class: 1.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 320,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
320,000
4. Steven A. Cohen
(a) Amount beneficially owned: 406,454
(b) Percent of class: 1.7%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 406,454
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
406,454
Page 7 of 10
SAC Capital Advisors, SAC Capital Management, Sigma
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 MultiQuant.
Pursuant to an investment management agreement, Sigma
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 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
86,454 Shares (constituting approximately 0.4% of the Shares
outstanding) and (ii) Sigma Management and Mr. Cohen may be
deemed to own beneficially 320,000 shares (constituting
approximately 1.4% of the Shares outstanding). Each of SAC
Capital Advisors, SAC Capital Management, Sigma Management
and Mr. Cohen disclaim beneficial ownership of any of the
securities covered by this statement.
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
Item 7 Identification and Classification of the
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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
Page 8 of 10
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 9 of 10
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: March 3, 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
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 10 of 10