SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)*
TRIANGLE PHARMACEUTICALS, INC.
--------------------------------
(Name of Issuer)
Common Stock, $0.001 Par Value
----------------------------------
(Title of Class of Securities)
89589H104
---------------
(CUSIP Number)
December 31, 1998
---------------------------------------
(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
disclosures provided in a prior cover page.
The information required in 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 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).
Continued on following page(s)
Page 1 of 16 Pages
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 2 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QUANTUM INDUSTRIAL PARTNERS LDC
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
CAYMAN ISLANDS
5 Sole Voting Power
Number of 1,000,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,000,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
4.15%
12 Type of Reporting Person*
OO; IV
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 3 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QIH MANAGEMENT INVESTOR, L.P.
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
Number of 1,000,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,000,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
4.15%
12 Type of Reporting Person*
PN; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 4 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QIH MANAGEMENT, INC.
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
Number of 1,000,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,000,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
4.15%
12 Type of Reporting Person*
CO
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 5 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
SOROS FUND 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
Number of 1,989,500
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 1,989,500
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,989,500
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain
Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
8.27%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 7 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
GEORGE SOROS (in the capacity described herein)
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
Number of 0
Shares
Beneficially 6 Shared Voting Power
Owned By 1,989,500
Each
Reporting 7 Sole Dispositive Power
Person 0
With
8 Shared Dispositive Power
1,989,500
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,989,500
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
8.27%
12 Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 7 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
STANLEY F. DRUCKENMILLER (in the capacity described herein)
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
Number of 800,000
Shares
Beneficially 6 Shared Voting Power
Owned By 1,989,500
Each
Reporting 7 Sole Dispositive Power
Person 800,000
With
8 Shared Dispositive Power
1,989,500
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,789,500
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[ ]
11 Percent of Class Represented By Amount in Row (9)
11.59%
12 Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. 89589H104 Page 8 of 16 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
DUQUESNE CAPITAL MANAGEMENT, L.L.C.
2 Check the Appropriate Box If a Member of a Group*
a. [ ]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
PENNSYLVANIA
5 Sole Voting Power
Number of 800,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 800,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
800,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
3.32%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 9 of 16 Pages
Item 1(a) Name of Issuer:
Triangle Pharmaceuticals, Inc. (the "Issuer").
Item 1(b) Address of the Issuer's Principal Executive Offices:
4 University Place, 4611 University Drive, Durham, North
Carolina, 27707.
Item 2(a) Name of Person Filing:
This statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Quantum Industrial Partners LDC, a Cayman Islands
exempted limited duration company ("QIP");
ii) QIH Management Investor, L.P., a Delaware limited
partnership ("QIHMI");
iii) QIH Management, Inc., a Delaware corporation ("QIH
Management");
iv) Soros Fund Management LLC, a Delaware limited
liability company ("SFM LLC");
v) Mr. George Soros ("Mr. Soros");
vi) Mr. Stanley F. Druckenmiller ("Mr. Druckenmiller");
and
vii) Duquesne Capital Management, L.L.C., a Pennsylvania
limited liability company ("Duquesne LLC").
This Statement relates to Shares (as defined herein) held for
the accounts of Quantum Partners LDC, a Cayman Islands exempted limited duration
company ("Quantum Partners"), Quasar International Partners C.V., a Netherlands
Antilles limited partnership ("Quasar Partners"), QIP, and the Duquesne LLC
Clients (as defined herein).
SFM LLC, a Delaware limited liability company, serves as
principal investment manager to Quantum Partners and Quasar Partners, and as
such, has been granted investment discretion over portfolio investments,
including the Shares, held for the accounts of Quantum Partners and Quasar
Partners. QIHMI, an investment advisory firm, is vested with investment
discretion over the Shares held for the account of QIP. Mr. Soros is the sole
shareholder of QIH Management, the sole general partner of QIHMI and the
Chairman of SFM LLC. Mr. Druckenmiller is the Lead Portfolio Manager and a
Member of the Management Committee of SFM LLC. Mr. Druckenmiller also owns a 75%
interest in, and is the sole managing member of, Duquesne LLC, an investment
advisory firm that serves as a discretionary investment advisor to a limited
number of institutional clients (the "Duquesne Clients").
<PAGE>
Page 10 of 16 Pages
Pursuant to a combination of Quasar International Fund N.V.
("Quasar Fund") with and into Quantum Industrial Holdings Ltd. ("QIH") effective
February 1, 1999, portfolio investments previously held indirectly by Quasar
Fund were transferred to, and are held indirectly by, QIH. Soros Fund Management
LLC, is principal investment manager to both Quasar Partners and QIH, and
remains the principal investment manager of such portfolio investments.
Item 2(b) Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of QIHMI,
QIH Management, SFM LLC, Mr. Soros and Mr. Druckenmiller is 888 Seventh Avenue,
33rd Floor, New York, NY 10106. The address of the principal business office of
QIP is Kaya Flamboyan 9, Willemstad, Curacao, Netherlands Antilles. The address
of the principal business office of Duquesne LLC is 2579 Washington Road, Suite
322, Pittsburgh, Pennsylvania 15241-2591.
Item 2(c) Citizenship:
i) QIP is a Cayman Islands exempted limited duration
company;
ii) QIHMI is a Delaware limited partnership;
iii) QIH Management is a Delaware corporation;
iv) SFM LLC is a Delaware limited liability company;
v) Mr. Soros is a United States citizen;
vi) Mr. Druckenmiller is a United States citizen; and
vii) Duquesne LLC is a Pennsylvania limited liability
company.
Item 2(d) Title of Class of Securities:
Common Stock, $0.001 par value (the "Shares").
Item 2(e) CUSIP Number:
89589H104
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
This Item 3 is not applicable.
<PAGE>
Page 11 of 16 Pages
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned:
As of February 11, 1999 each of the Reporting Persons
may be deemed the beneficial owner of the following
number of Shares:
i) Each of QIP, QIHMI and QIH Management may be
deemed the beneficial owner of the 1,000,000
Shares held for the account of QIP.
ii) Each of SFM LLC and Mr. Soros may be deemed
the beneficial owner of 1,989,500 Shares.
This number includes (A) 1,000,000 Shares
held for the account of QIP, (B) 964,500
Shares held for the account of Quantum
Partners and (C) 25,000 Shares held for the
account of Quasar Partners.
iii) Mr. Druckenmiller may be deemed the
beneficial owner of 2,789,500 Shares. This
number consists of (A) 1,000,000 Shares held
for the account of QIP, (B) 964,500 Shares
held for the account of Quantum Partners,
(C) 25,000 Shares held for the account of
Quasar Partners and (D) 800,000 Shares held
for the accounts of the Duquesne LLC
Clients.
iv) Duquesne LLC may be deemed the beneficial
owner of the 800,000 Shares held for the
accounts of the Duquesne LLC Clients.
Item 4(b) Percent of Class:
i) The number of Shares of which each of QIP,
QIHMI and QIH may be deemed to be the
beneficial owner constitutes approximately
4.15% of the total number of Shares
outstanding.
ii) The number of Shares of which SFM LLC and
Mr. Soros may be deemed to be the beneficial
owner constitutes approximately 8.27% of the
total number of Shares outstanding.
iii) The number of Shares of which Mr.
Druckenmiller may be deemed to be the
beneficial owner constitutes approximately
11.59% of the total number of Shares
outstanding.
iv) The number of Shares of which Duquesne LLC
may be deemed to be the beneficial owner
constitutes approximately 3.32% of the total
number of Shares outstanding.
<PAGE>
Page 12 of 16 Pages
Item 4(c) Number of shares as to which such person has:
QIP
---
(i) Sole power to vote or to direct the vote: 1,000,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,000,000
(iv) Shared power to dispose or to direct the disposition of: 0
QIHMI
-----
(i) Sole power to vote or to direct the vote: 1,000,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,000,000
(iv) Shared power to dispose or to direct the disposition of 0
QIH
---
(i) Sole power to vote or to direct the vote: 1,000,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,000,000
(iv) Shared power to dispose or to direct the disposition of: 0
SFM LLC
-------
(i) Sole power to vote or to direct the vote: 1,989,500
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 1,989,500
(iv) Shared power to dispose or to direct the disposition of: 0
<PAGE>
Page 13 of 16 Pages
Mr. Soros
---------
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 1,989,500
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of 1,989,500
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the vote: 800,000
(ii) Shared power to vote or to direct the vote: 1,989,500
(iii) Sole power to dispose or to direct the disposition of: 800,000
(iv) Shared power to dispose or to direct the disposition of: 1,989,500
Duquesne LLC
------------
(i) Sole power to vote or to direct the vote: 800,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 800,000
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
(i) The shareholders of QIP, including Quantum Industrial
Holdings, Ltd., a British Virgin Islands international business company, have
the right to participate in the receipt of dividends from, or proceeds from the
sale of, the Shares held for the account of QIP in accordance with their
ownership interests in QIP.
(ii) The shareholders of Quantum Partners, including Quantum
Fund N.V., a Netherlands Antilles company, have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the Shares, held by
Quantum Partners in accordance with their ownership interests in Quantum
Partners.
(iii) The partners of Quasar Partners, including Quantum
Industrial Partners LDC, a Cayman Islands Limited Duration Company, have the
right to participate in the receipt of dividends from, or proceeds from the sale
of, securities held by Quasar Partners in accordance with their partnership
interests in Quasar Partners.
<PAGE>
Page 14 of 16 Pages
(iv) The Duquesne LLC Clients have the right to
participate in the receipt of dividends from, or proceeds from the sale of, the
Shares, held for their account.
Each of QIP, QIHMI and QIH Management expressly disclaims
beneficial ownership of any Shares held directly for the accounts of Quantum
Partners, Quasar Partners and the Duquesne Clients. Each of SFM LLC and Mr.
Soros expressly disclaims beneficial ownership of any Shares held directly for
the accounts of the Duquesne Clients. Duquesne LLC expressly disclaims
beneficial ownership of any Shares held for the accounts of QIP, Quantum
Partners and Quasar Partners.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each signatory certifies that, to the best of
his/its 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>
Page 15 of 16 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: February 12, 1999 QUANTUM INDUSTRIAL PARTNERS LDC
By: /S/ MICHAEL S. NEUS
------------------------------
Michael C. Neus
Attorney-in-Fact
Date: February 12, 1999 QIH MANAGEMENT INVESTOR, L.P.
By: QIH Management, Inc.,
its General Partner
By: /S/ MICHAEL C. NEUS
--------------------
Michael C. Neus
Vice President
Date: February 12, 1999 QIH MANAGEMENT, INC.
By: /S/ MICHAEL S. NEUS
------------------------------
Michael C. Neus
Vice President
Date: February 12, 1999 SOROS FUND MANAGEMENT LLC
By: /S/ MICHAEL S. NEUS
------------------------------
Michael C. Neus
Assistant General Counsel
Date: February 12, 1999 GEORGE SOROS
By: /S/ MICHAEL S. NEUS
------------------------------
Michael C. Neus
Attorney-in-Fact
<PAGE>
Page 16 of 16 Pages
Date: February 12, 1999 STANLEY F. DRUCKENMILLER
By: /S/ MICHAEL S. NEUS
------------------------------
Michael C. Neus
Attorney-in-Fact
Date: February 12, 1999 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /S/ GERALD KERNER
------------------------------
Gerald Kerner
Managing Director
