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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PROTEIN DESIGN LABS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
74369L103
--------------
(CUSIP Number)
July 30, 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 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 11 pages
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CUSIP No. 74369L103 13G Page 2 of 11 Pages
--------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
881,700
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 881,700
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,700
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.76%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 74369L103 13G Page 3 of 11 Pages
--------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 881,700
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
881,700
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,700
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.76%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 74369L103 13G Page 4 of 11 Pages
--------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 881,700
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
881,700
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,700
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.76%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74369L103 13G Page 5 of 11 Pages
--------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.0%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO, IA
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a) Name of Issuer:
---------------
Protein Design Labs, Inc. (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
------------------------------------------------
2375 Garcia Avenue
Mountain View, California 94043
Items 2(a) Name of Person Filing:
----------------------
This Statement is filed on behalf of the
following persons (collectively, the
"Reporting Persons"):
i) Soros Fund Management LLC, a Delaware
limited liability company ("SFM LLC");
ii) Mr. George Soros ("Mr. Soros");
iii) Mr. Stanley F. Druckenmiller
("Mr. Druckenmiller"); and
iv) 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 and the Duquesne LLC Clients (each
as defined herein). SFM LLC, a Delaware
limited liability company, serves as
principal investment manager to Quantum
Partners LDC, a Cayman Islands exempted
duration company ("Quantum Partners") and,
as such, has been granted investment
discretion over portfolio investments,
including the Shares, held for the account
of Quantum Partners. Mr. Soros is 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 LLC Clients").
Page 6 of 11 pages
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Item 2(b) Address of Principal Business Office:
-------------------------------------
The address of the principal business office
of each of 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 Duquesne LLC is 2579 Washington Road,
Suite 322, Pittsburgh, Pennsylvania
15241-2591.
Item 2(c) Citizenship:
------------
i) SFM LLC is a Delaware limited
liability company;
ii) Mr. Soros is a United States citizen;
iii) Mr. Druckenmiller is a United States
citizen; and
iv) Duquesne LLC is a Pennsylvania
limited liability company.
Item 2(d) Title of Class of Securities:
-----------------------------
Common Stock, par value $0.01 per share (the
"Shares")
Item 2(e) CUSIP Number:
-------------
74369L103
Item 3 Not Applicable
Item 4. Ownership:
----------
Item 4(a) Amount Beneficially Owned:
--------------------------
As of August 6, 1998, SFM LLC, Mr. Soros and
Mr. Druckenmiller may be deemed to be the
beneficial owner of the 881,700 Shares held
for the account of Quantum Partners.
As of August 6, 1998, Duquesne LLC does not
beneficially own any Shares, as there are no
Shares being held for the accounts of the
Duquesne LLC Clients.
Item 4(b) Percent of Class:
-----------------
i) The number of Shares of which SFM LLC,
Mr. Soros and Mr. Druckenmiller may be deemed
to be the beneficial owner constitutes
approximately
Page 7 of 11 pages
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4.76% of the total number of Shares
outstanding.
ii) The number of Shares which Duquesne LLC
beneficially owns constitutes 0.0% the total
number of Shares outstanding.
Item 4(c) Number of shares as to which such person has:
---------------------------------------------
SFM LLC
-------
(i) Sole power to vote or to direct the
vote: 881,700
(ii) Shared power to vote or to direct the
vote: -0-
(iii) Sole power to dispose or to direct the
disposition of: 881,700
(iv) Shared power to dispose or to direct
the disposition of: -0-
Mr. Soros
---------
(i) Sole power to vote or to direct the
vote: -0-
(ii) Shared power to vote or to direct the
vote: 881,700
(iii) Sole power to dispose or to direct the
disposition of: -0-
(iv) Shared power to dispose or to direct
the disposition of: 881,700
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the
vote: -0-
(ii) Shared power to vote or to direct the
vote: 881,700
(iii) Sole power to dispose or to direct the
disposition of: -0-
(iv) Shared power to dispose or to direct
the disposition of: 881,700
Page 8 of 11 pages
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Duquesne LLC
------------
(i) Sole power to vote or to direct the
vote: -0-
(ii) Shared power to vote or to direct the
vote: -0-
(iii) Sole power to dispose or to direct the
disposition of: -0-
(iv) Shared power to dispose or to direct
the disposition of: -0-
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 each of the Reporting Persons has ceased
to be the beneficial owner of more than five percent of a class of
securities, check the following: [X]
Item 6 Ownership of More than Five Percent on Behalf
of Another Person:
---------------------------------------------
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
for the account of Quantum Partners in
accordance with their ownership interests in
Quantum Partners.
The Duquesne LLC Clients have the right to
participate in the receipt of dividends from,
or proceeds from the sale of, the Shares,
that were held for their accounts.
Each of SFM LLC and Mr. Soros expressly
disclaims beneficial ownership of any Shares
that were held for the accounts of the
Duquesne LLC Clients. Duquesne LLC expressly
disclaims beneficial ownership of any Shares
held for the account of Quantum Partners.
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Page 9 of 11 pages
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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 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 10 of 11 pages
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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: August 6, 1998 SOROS FUND MANAGEMENT LLC
By: /s/ Michael C. Neus
Michael C. Neus
Assistant General Counsel
Dated: August 6, 1998 GEORGE SOROS
By: /s/ Michael C. Neus
Michael C. Neus
Attorney-in-Fact
Dated: August 6, 1998 STANLEY F. DRUCKENMILLER
By: /s/ Michael C. Neus
Michael C. Neus
Attorney-in-Fact
Dated: August 6, 1998 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /s/ Gerald Kerner
Gerald Kerner
Managing Director
Page 11 of 11 pages