UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No.2
Under the Securities Exchange Act of 1934
QUESTCOR PHARMACEUTICALS INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
232808105
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(CUSIP Number)
John P. Mitchell, Esq.
Cahill Gordon & Reindel
80 Pine Street,
New York, NY 10005
(212) 701-3000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 15, 2002
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.240.13d-1(e), 240.13d-1(f) or 240.13d-(1)(g), check the
following box / /.
*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). / /
SCHEDULE 13D
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CUSIP No. 232808105
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Claudio Cavazza
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Italy
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7 SOLE VOTING POWER
NUMBER OF 2,656,781
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 10,197,913
EACH
REPORTING
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PERSON WITH 9 SOLE DISPOSITIVE POWER
2,656,781
10 SHARED DISPOSITIVE POWER
10,197,913
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,854,694
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.24%
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14 TYPE OF REPORTING PERSON
IN
SCHEDULE 13D
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CUSIP No. 232808105
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Paolo Cavazza
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Italy
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7 SOLE VOTING POWER
NUMBER OF 2,656,782
SHARES
-------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 10,542,013
EACH
REPORTING
-------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
2,656,782
10 SHARED DISPOSITIVE POWER
10,542,013
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,198,795
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.07%
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14 TYPE OF REPORTING PERSON
IN
Item 1. Security and Issuer.
The class of equity securities to which this statement on Schedule 13D
Amendment No. 2 (this "Statement") relates is the common stock, no par value
(the "Common Stock"), of Questcor Pharmaceuticals Inc., a California corporation
("Questcor"). The principal executive offices of Questcor are located at 3620
Whipple Road, Union City, California, 94587.
Item 2. Identity and Background.
This Statement is being filed jointly on behalf of Mr. Claudio Cavazza
("Mr. C. Cavazza") and Mr. Paolo Cavazza ("Mr. P. Cavazza", and collectively
with Mr. C. Cavazza, the "Reporting Parties").
The business address of the Reporting Parties is Via Sudafrica, 20, 00144
Rome, Italy. Mr. C Cavazza's principal occupation is as an entrepreneur in the
pharmaceutical business. Mr. P. Cavazza's principal occupation is as an
entrepreneur in the pharmaceutical business.
The Reporting Parties have not been, during the last five years, (a)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (b) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
The Reporting Parties are citizens of Italy.
Item 3. Source and Amount of Funds or Other Consideration.
The reporting parties acquired beneficial ownership of 2,025,315 shares of
Common Stock pursuant to a Securities Purchase Agreement dated March 15, 2002
(the "Agreement") by and between Questcor and Defiante Farmaceutica Unipessoal
L.D.A. ("Defiante"). Sigma Tau Finanzari SpA ("Sigma Tau") owns 100% of the
capital stock of Defiante. Mr. C. Cavazza owns 60% of Sigma Tau and Mr. P.
Cavazza owns 40% of Sigma Tau.
Pursuant to the Agreement, Questcor issued to Defiante an 8% Convertible
Debenture in the principal sum of $2,000,000 (the "Debenture") and a Warrant to
purchase 759,493 shares of Common Stock (the "Warrant", and together with the
Debenture, the "Securities") in exchange for $2,000,000). The Debenture is
convertible at any time prior to maturity into shares of Common Stock at a
conversion price of $1.58. As of March 15, 2002 the Debenture was convertible
into 1,265,822 shares of Common Stock. At Questcor's option, they may repay the
Debenture at maturity by delivering freely tradeable, registered shares of
Common Stock to Defiante. The funds necessary to purchase the Securities were
obtained from the from working capital of Defiante.
In addition, as of February 27, 2002, Mr. P. Cavazza had beneficial
ownership of the following shares of Common Stock through his ownership of
Aptafin S.p.A. ("Aptafin"):
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Date of Purchase Amount Price per share
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12/04/01 4,700 $1.180
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12/04/01 10,000 $1.200
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12/04/01 10,000 $1.240
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12/05/01 1,800 $1.180
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12/06/01 10,000 $1.220
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12/10/01 10,000 $1.150
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12/18/01 10,000 $1.600
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01/09/02 10,000 $1.800
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01/10/02 10,000 $1.850
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01/15/02 10,000 $1.700
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01/16/02 10,000 $1.600
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01/17/02 9,200 $1.900
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01/17/02 800 $1.880
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01/30/02 10,000 $1.900
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02/04/02 1,200 $1.700
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02/04/02 10,000 $1.700
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02/04/02 10,000 $1.800
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02/04/02 10,000 $1.800
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02/05/02 8,800 $1.700
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02/08/02 10,000 $1.650
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02/14/02 10,000 $1.700
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02/27/02 2,500 $1.260
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02/27/02 1,200 $1.280
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Between December 27, 2001 and January 3, 2002 Aptafin disposed of 34,600
shares of Common Stock. Profits obtained in these sales have been returned to
Questcor pursuant to Section 16(b) of the Exchange Act of 1934.
Mr. P Cavazza owns 55% of Aptafin. Relatives of Mr. P. Cavazza own the
remaining 45% of Aptafin. The funds necessary to purchase such Common Stock were
obtained from the working capital of Aptafin. All such transactions were made on
the American Stock Exchange.
Item 4. Purpose of the Transaction.
The purpose of the transactions was to acquire an equity investment
interest in the Issuer.
None of the Reporting Parties has any present plans or proposals which
relate to or would result in any transaction, change or event specified in
clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of Questcor.
(a) The number of Common Shares as to which Mr. C. Cavazza has the sole
power to vote or direct the vote is 2,656,781. The number of Common Shares as to
which Mr. C. Cavazza shares the power to vote or direct the vote is 10,197,913.
The number of Common Shares as to which Mr. C. Cavazza has the sole power to
dispose or direct the disposition is 2,656,781. The number of Common Shares as
to which Mr. C. Cavazza shares the power to dispose or direct the disposition is
10,197,913.
(b) The number of Common Shares as to which Mr. P. Cavazza has the sole
power to vote or direct the vote is 2,656,782. The number of Common Shares as to
which Mr. P. Cavazza shares the power to vote or direct the vote is 10,542,013.
The number of Common Shares as to which Mr. P. Cavazza has the sole power to
dispose or direct the disposition is 2,656,782. The number of Common Shares as
to which Mr. P. Cavazza shares the power to dispose or direct the disposition is
10,542,013.
Except as set forth above, none of the Reporting Parties beneficially owns any
other shares of Common Stock.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of Questcor.
Pursuant to the Agreement Questcor and Defiante entered into a Registration
Rights Agreement dated March 15, 2002. Questcor has agreed to file a
registration statement covering the resale of not less than 2,025,316 shares of
Common Stock issuable upon (i) the conversion of the Debenture and (ii) exercise
of the Warrant for an offering to made on a continuous basis pursuant to Rule
415. The Company is obligated to pay all expenses incurred in connection with
such registration. The Company has agreed to indemnify Defiante and related
persons against certain liabilities under the securities laws in connection with
the sale of securities under such registrations.
Except as set forth in this Statement, to the best knowledge of the
Reporting Parties there are no other contracts, arrangements, understandings or
relationships (legal or otherwise) among the persons named in Item 2 and between
such persons and any person with respect to any securities of Questcor,
including but not limited to, transfer or voting of any of the securities of
Questcor, finders fees, joint ventures, loan or options arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies, or a pledge or contingency the occurrence of which would
give another person voting power over the securities of Questcor.
Item 7. Material to be Filed as Exhibits.
A. Joint Filing Agreement dated December 12, 2001 by and among the
Reporting Parties.
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement with respect to Claudio
Cavazza is true, complete and correct.
Dated: March 25, 2002
Claudio Cavazza
By: /s/ Claudio Cavazza
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Name: Claudio Cavazza
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement with respect to Paolo
Cavazza is true, complete and correct.
Dated: March 25, 2002
Paolo Cavazza
By: /s/ Paolo Cavazza
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Name: Paolo Cavazza
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement: provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D Amendment
No. 1 with respect to the Common Stock of Questcor Pharmaceuticals, Inc. dated
as of December 12, 2001 is, and any amendments thereto (including amendments on
Schedule 13D) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(f)
under the Securities Exchange Act of 1934.
Dated: December 12, 2001
CLAUDIO CAVAZZA
By: /s/ Claudio Cavazza
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Name: Claudio Cavazza
PAOLO CAVAZZA
Dated: December 12, 2001
By: /s/ Paolo Cavazza
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Name: Paolo Cavazza