UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.3 and Amendment No.5)*
QUESTCOR PHARMACEUTICALS INC.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- -------------------------------------------------------------------------------
(Title of Class of Securities)
232808105
- -------------------------------------------------------------------------------
(CUSIP Number)
Joseph J. Giunta, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
300 South Grand Avenue
Los Angeles, CA 90071
(213) 687-5000
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 6, 2003
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
CUSIP No. 232808105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Claudio Cavazza
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) | |
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Italy
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 16,461,375
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 2,656,781
------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,698,712
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,461,375
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.73%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP No. 232808105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Paolo Cavazza
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) | |
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Italy
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 16,461,375
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 2,656,782
------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,147,812
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,461,375
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.73%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP No. 232808105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Sigma-Tau Finanziaria SpA
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) | |
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Italy
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 16,461,375
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 0
------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,698,712
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,461,375
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.73%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP No. 232808105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Sigma-Tau International S.A.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) | |
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 16,461,375
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 0
------------------------------------------------
10 SHARED DISPOSITIVE POWER
10,698,712
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,461,375
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.73%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP No. 232808105
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Defiante Farmaceutica L.D.A.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) | |
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) | |
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Portugal
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 16,461,375
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 0
------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,025,315
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,461,375
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES | |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.73%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
Amendment No. 3 and
Amendment No. 5 to
Statement on Schedule 13D
This Amendment No. 3 (the "Amendment No. 3") amends the Statement on
Schedule 13D filed with the Securities and Exchange Commission ("SEC") on
March 25, 2002 (the "Sigma/Defiante Schedule 13D"), as amended, relating to
shares of the common stock, no par value (the "Common Stock") of Questcor
Pharmaceuticals Inc., a California corporation ("Questcor"). This Amendment
No. 5 (the "Amendment No. 5" and, together with the Amendment No. 3, this
"Statement") amends the Statement on Schedule 13D, filed with the SEC on
August 7, 2001 (the "Cavazza/Sigma Schedule 13D" and, together with the
Sigma/Defiante Schedule 13D, the "Schedule 13Ds"), as amended, relating to the
shares of Common Stock. Pursuant to Rule 13d-2 of Regulation 13D-G promulgated
under the Securities Exchange Act of 1934, as amended (the "Act"), this
Amendment No. 3 is being filed on behalf of Sigma-Tau Finanziaria SpA, an
Italian corporation ("Sigma Tau") and Defiante Farmaceutica L.D.A., a
Portuguese corporation ("Defiante") (formerly known as Defiante Farmaceutica
Unipessoal L.D.A.), and this Amendment No. 5 is being filed on behalf of
Sigma-Tau International S.A., a Luxembourg corporation ("Sigma Tau
International") (formerly known as Sigma-Tau Finance Holding S.A.), Mr.
Claudio Cavazza ("Mr. C. Cavazza") and Mr. Paolo Cavazza ("Mr. P. Cavazza"
and, together with Mr. C. Cavazza, Sigma Tau International, Defiante and Sigma
Tau, the "Reporting Persons").
Item 4. Purpose of the Transaction.
--------------------------
Item 4 of the Schedule 13Ds are hereby amended to add the following:
Mr. Bove, on behalf of the Reporting Persons, has sent a
letter, dated as of February 6, 2003, to Mr. Casamento and the Board of
Directors of Questcor (the "Sigma Tau Letter"), withdrawing the Reporting
Persons' request for board representation. A copy of the Sigma Tau Letter is
attached hereto as Exhibit 2 and is incorporated by reference.
Except as set forth in this Item 4, the Reporting Persons
have no present plans or proposals that relate to or that would result in any
of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D
of the Act.
Item 5. Interest in Securities of Questcor.
----------------------------------
Item 5 of the Schedule 13Ds are hereby amended as follows:
The Reporting Persons, because they may be considered a "group" for
purposes of Section 13(d)(3) of the Act (the "Group"), may be deemed solely
for purposes of U.S. securities laws to beneficially own (i) the 2,656,781
shares of Common Stock directly owned by Mr. C. Cavazza, (ii) the 2,656,782
shares of Common Stock directly owned and the 449,100 shares of Common Stock
deemed to be directly beneficially owned by Mr. P. Cavazza, (iii) the
8,673,397 shares of Common Stock directly owned by Sigma Tau International,
and (iv) the 2,025,315 shares of Common Stock deemed to be directly
beneficially owned by Defiante. This represents beneficial ownership of an
aggregate of 16,461,375 shares of Common Stock. References to beneficial
ownership are made herein solely with respect to U.S. securities laws and are
not intended to refer or apply in any respect to any other issue under any
other U.S. law.
(a) Percentage interest calculations for the Reporting Persons are
based upon Questcor having 38,676,592 shares of Common Stock outstanding as of
January 24, 2003 (the "Outstanding Shares"), as reported by the Issuer in the
Issuer's Form S-3 filed with the SEC on February 5, 2003 (the "Form S-3"),
which does not include 10,624,731 shares of Common Stock issuable upon the
conversion of Questcor's Series B Preferred Stock (the "Preferred Stock"). The
percentage interest calculation for the Voting Shares (as defined below)
includes the present voting power of 10,624,731 shares of Common Stock
issuable upon the conversion of the Preferred Stock. Each share of Preferred
Stock is entitled to a number of votes equal to 0.875 times the number of
shares of Common Stock issuable upon conversion of such shares of Preferred
Stock, resulting in the voting equivalence of 9,296,640 shares of Common Stock
(the "Converted Shares"). Accordingly, the total number of voting shares,
based on the sum of the Outstanding Shares and the Converted Shares, is
47,973,232 (the "Voting Shares").
Mr. C. Cavazza
--------------
Pursuant to Rule 13d-3 of the Act, Mr. C. Cavazza may be deemed to
be the beneficial owner of 16,461,375 shares of Common Stock, which
constitutes approximately 38.73% of the Outstanding Shares and 31.78% of the
Voting Shares.
Mr. P. Cavazza
--------------
Pursuant to Rule 13d-3 of the Act, Mr. P. Cavazza may be deemed to
be the beneficial owner of 16,461,375 shares of Common Stock, which
constitutes approximately 38.73% of the Outstanding Shares and 31.78% of the
Voting Shares.
Sigma Tau International
-----------------------
Pursuant to Rule 13d-3 of the Act, Sigma Tau International may be
deemed to be the beneficial owner of 16,461,375 shares of Common Stock, which
constitutes approximately 38.73% of the Outstanding Shares and 31.78% of the
Voting Shares.
Sigma Tau
---------
Pursuant to Rule 13d-3 of the Act, Sigma Tau may be deemed to be
the beneficial owner of 16,461,375 shares of Common Stock, which constitutes
approximately 38.73% of the Outstanding Shares and 31.78% of the Voting
Shares.
Defiante
--------
Pursuant to Rule 13d-3 of the Act, Defiante may be deemed to be
the beneficial owner of 16,461,375 shares of Common Stock, which constitutes
approximately 38.73% of the Outstanding Shares and 31.78% of the Voting
Shares.
Except as set forth above, none of the Reporting Persons nor any
of the persons listed on Schedule A(1) beneficially owns any other shares of
Common Stock.
(b) Mr. C. Cavazza
--------------
The number of shares of Common Stock as to which Mr. C. Cavazza
has the sole power to vote or direct the vote is zero. The number of shares of
Common Stock as to which Mr. C. Cavazza shares the power to vote or direct the
vote is 16,461,375. The number of shares of Common Stock as to which Mr. C.
Cavazza has the sole power to dispose or direct the disposition is 2,656,781.
The number of shares of Common Stock as to which Mr. C. Cavazza shares the
power to dispose or direct the disposition is 10,698,712.
Mr. P. Cavazza
--------------
The number of shares of Common Stock as to which Mr. P. Cavazza
has the sole power to vote or direct the vote is zero. The number of shares of
Common Stock as to which Mr. P. Cavazza shares the power to vote or direct the
vote is 16,461,375. The number of shares of Common Stock as to which Mr. P.
Cavazza has the sole power to dispose or direct the disposition is 2,656,782.
The number of shares of Common Stock as to which Mr. P. Cavazza shares the
power to dispose or direct the disposition is 11,147,812.
Sigma Tau International
-----------------------
The number of shares of Common Stock as to which Sigma Tau
International has the sole power to vote or direct the vote is zero. The
number of shares of Common Stock as to which Sigma Tau International shares
the power to vote or direct the vote is 16,461,375. The number of shares of
Common Stock as to which Sigma Tau International has the sole power to dispose
or direct the disposition is zero. The number of shares of Common Stock as to
which Sigma Tau International shares the power to dispose or direct the
disposition is 10,698,712.
Sigma Tau
---------
The number of shares of Common Stock as to which Sigma Tau has the
sole power to vote or direct the vote is zero. The number of shares of Common
Stock as to which Sigma Tau shares the power to vote or direct the vote is
16,461,375. The number of shares of Common Stock as to which Sigma Tau has the
sole power to dispose or direct the disposition is zero. The number of shares
of Common Stock as to which Sigma Tau shares the power to dispose or direct the
disposition is 10,698,712.
Defiante
--------
The number of shares of Common Stock as to which Defiante has the
sole power to vote or direct the vote is zero. The number of shares of Common
Stock as to which Defiante shares the power to vote or direct the vote is
16,461,375. The number of shares of Common Stock as to which Defiante has the
sole power to dispose or direct the disposition is zero. The number of shares
of Common Stock as to which Defiante shares the power to dispose or direct the
disposition is 2,025,315.
Item 7. Material to be Filed as Exhibits.
--------------------------------
EXHIBIT 1 - Joint Filing Agreement dated January 17, 2003 by and
between the Reporting Persons.(2)
EXHIBIT 2 - The Sigma Tau Letter.
____________________
(1) Incorporated by reference to Schedule A of Amendment No. 1 and
Amendment No. 3 to the Statement on Schedule 13D, filed with the SEC on
January 17, 2003, relating to the shares of Common Stock.
(2) Incorporated by reference to Exhibit 1 of Amendment No. 1 and Amendment
No. 3 to the Statement on Schedule 13D, filed with the SEC on January
17, 2003, relating to the shares of Common Stock.
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: February 7, 2003
CLAUDIO CAVAZZA
By: /s/ CLAUDIO CAVAZZA
--------------------------
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: February 7, 2003
PAOLO CAVAZZA
By: /s/ PAOLO CAVAZZA
--------------------------
Name: Paolo 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 Sigma-Tau Finanziaria SpA is true, complete and correct.
Dated: February 7, 2003
SIGMA-TAU FINANZIARIA SPA
By: /s/ MARIO ARTALI
--------------------------
Name: Mario Artali
Title: Managing Director
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 Sigma-Tau International S.A. is true, complete and correct.
Dated: February 7, 2003
SIGMA-TAU INTERNATIONAL S.A.
By: /s/ ANTONIO NICOLAI
--------------------------
Name: Antonio Nicolai
Title: Director
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 Defiante Farmaceutica L.D.A. is true, complete and correct.
Dated: February 7, 2003
DEFIANTE FARMACEUTICA L.D.A.
By: /s/ RAFFAELE SANGUIGNI
--------------------------
Name: Raffaele Sanguigni
Title: Director
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 2
February 6, 2003
Charles Casamento
Chairman, President and CEO
Questcor Pharmaceuticals, Inc.
3260 Whipple Road
Union City, CA 94587
Dear Chuck,
I write this letter on behalf of Claudio Cavazza, Paolo Cavazza, Sigma-Tau
Finanziaria SpA, Sigma Tau International S.A., and Defiante Farmaceutica
L.D.A. We are disappointed by the lack of action on our request for
representation on the board of directors (the "Board") of Questcor
Pharmaceuticals, Inc. (the "Company"). The Board has had more than ample time
to consider our request and, instead of recognizing that as major shareholders
in the Company we have the unfettered right, through cumulative voting, to
such representation, the Board has responded with questions and disparaging
remarks. The manner in which the Company has chosen to deal with our request
has lead us to believe that we would be subjecting ourselves to a hostile
environment should our nominees be elected and, as a result, we do not feel
our views would be fairly and impartially considered by the current Board.
Accordingly, we hereby withdraw our request for board representation. Please
note that we reserve all of our rights as they relate to the Company and as to
whether we wish to retain our investment.
Regards,
/s/ MAURO BOVE
Mauro Bove
cc: Board of Directors of Questcor Pharmaceuticals, Inc.