UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ORPHAN MEDICAL, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
687303 10 7
(CUSIP Number)
February 22, 2000
(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 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>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
OrbiMed Advisors Inc.
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
-----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization British Virgin Islands
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) IA
----------------------------------------------------------------------
<PAGE>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
OrbiMed Advisors LLC
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) CO
----------------------------------------------------------------------
<PAGE>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Caduceus Capital Trust
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization Bermuda
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) OO
----------------------------------------------------------------------
<PAGE>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Caduceus Capital II, L.P.
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) PN
----------------------------------------------------------------------
<PAGE>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
PaineWebber Eucalyptus Fund, LLC
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) CO
----------------------------------------------------------------------
<PAGE>
CUSIP No. 687303 10 7
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
PaineWebber Eucalyptus Fund, Ltd.
----------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of Group (See Instructions)
[ ] (a)
[ ] (b)
----------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------
(4) Citizenship or Place of Organization Cayman Islands
----------------------------------------------------------------------
Number of (5) Sole Voting Power 0
Shares
Beneficially -------------------------------------------------------------
Owned by (6) Shared Voting Power 1,265,000
Each
Reporting -------------------------------------------------------------
Person (7) Sole Dispositive Power 0
With
-------------------------------------------------------------
(8) Shared Dispositive Power 1,265,000
----------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,265,000
----------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
----------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
16.1%
----------------------------------------------------------------------
(12) Type of Reporting Person (See Instructions) CO
----------------------------------------------------------------------
<PAGE>
Item 1. Issuer
(a) Orphan Medical, Inc.
(b) 13911 Ridgedale Drive, Minnetanka, MN 55305
Item 2. Persons Filing
(a) Name of Persons Filing:
OrbiMed Advisors Inc.
OrbiMed Advisors LLC
Caduceus Capital Trust
Caduceus Capital II, L.P.
PaineWebber Eucalyptus Fund, LLC
PaineWebber Eucalyptus Fund, Ltd.
(b) Address of Principal Offices:
c/o OrbiMed Advisors LLC
767 Third Avenue, 6th Floor
New York, New York 10010
(c) Citizenship:
Please refer to Item 4 on each cover sheet
for each filing person
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number: 687303 10 7
Item 3. Not Applicable
Item 4. Ownership
Please see Items 5, 6, 7, 8, 9, and 11 for each cover sheet
for each filing entity.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company
Not applicable.
<PAGE>
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 I certify that, to the best of my 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>
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.
Date: March 21, 2000
ORBIMED ADVISORS INC.
By: /s/ Samuel D. Isaly
-------------------------------
Name: Samuel D. Isaly
Title: President
ORBIMED ADVISORS LLC
By: /s/ Samuel D. Isaly
-------------------------------
Name: Samuel D. Isaly
Title: Managing Member
CADUCEUS CAPITAL TRUST
By: /s/ Deborah O'Donnel
-------------------------------
Name: Deborah O'Donnel
Title: Secretary
CADUCEUS CAPITAL II, L.P.
By: OrbiMed Advisors LLC,
its general partner
By: /s/ Samuel D. Isaly
-------------------------------
Name: Samuel D. Isaly
Title: Managing Member
PAINEWEBBER EUCALYPTUS FUND, LLC
By: /s/ Samuel D. Isaly
-------------------------------
Name: Samuel D. Isaly
Title: Director
<PAGE>
PAINEWEBBER EUCALYPTUS FUND, LTD.
By: /s/ Samuel D. Isaly
-------------------------------
Name: Samuel D. Isaly
Title: Director
