sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)
Valera Pharmaceuticals, Inc.
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(Name of Issuer)
Common Stock, $0.001 Par Value Per Share
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(Title of Class of Securities)
91914F100
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(CUSIP Number)
November 8, 2006
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(Date of Event Which Requires Filing of this Statement)
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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)
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(1) 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 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).
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CUSIP No. 91914F100 13G Page 2 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER LIFE SCIENCES FUND, LP
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 262,036 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
262,036 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
262,036 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.8%
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12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 3 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER LIFE SCIENCES FUND (OFFSHORE), LTD.
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 251,582 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
251,582 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
251,582 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.7%
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12 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 4 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER LIFE SCIENCES FUND II, LP
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 63,059 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
63,059 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
63,059 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.4%
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12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 5 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER LIFE SCIENCES FUND II (OFFSHORE), LTD.
--------------------------------------------------------------------------------
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 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 115,136 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
115,136 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
115,136 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.8%
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12 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 6 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER LIFE SCIENCES FUND II (QP), LP
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 63,537 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
63,537 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
63,537 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.4%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 7 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CANDENS CAPITAL, LLC
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 388,632 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
388,632 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
388,632 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.6%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 8 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ACCIPITER CAPITAL MANAGEMENT, LLC
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 366,718 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
366,718 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
366,718 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
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12 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 9 of 17 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GABE HOFFMAN
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 755,350 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
755,350 shares
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
755,350 shares
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
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12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 91914F100 13G Page 10 of 17 Pages
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Item 1(a). Name of Issuer:
Valera Pharmaceuticals, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
7 Clarke Drive
Cranbury, New Jersey 08512
Item 2(a). Name of Person Filing:
This statement is jointly filed by Accipiter Life Sciences
Fund, LP, a Delaware limited partnership ("ALSF"), Accipiter
Life Sciences Fund (Offshore), Ltd., a Cayman Islands company
("Offshore"), Accipiter Life Sciences Fund II, LP, a Delaware
limited partnership ("ALSF II"), Accipiter Life Sciences Fund
II (Offshore), Ltd., a Cayman Islands Company ("Offshore II"),
Accipiter Life Sciences Fund II (QP), LP, a Delaware limited
partnership ("QP II"), Accipiter Capital Management, LLC, a
Delaware limited liability company ("Management"), Candens
Capital, LLC, a Delaware limited liability company ("Candens")
and Gabe Hoffman (together with ALSF, ALSF II, Offshore,
Offshore II, QP II, Management and Candens, the "Reporting
Person"). Because Gabe Hoffman is the managing member of
Candens (Gabe Hoffman and Candens are hereinafter referred to
as the "Domestic Controlling Persons"), which in turn is the
general partner of ALSF, ALSF II and QP II, and because Gabe
Hoffman is the managing member of Management (Gabe Hoffman and
Management are hereinafter referred to as the "Foreign
Controlling Persons"), which in turn is the investment manager
of Offshore and Offshore II, the Domestic Controlling Persons
and Foreign Controlling Persons may be deemed, pursuant to
Rule 13d-3 of the Securities Exchange Act of 1934, as amended
(the "Act"), to be the beneficial owners of all shares of
Common Stock held by ALSF, ALSF II, Offshore, Offshore II and
QP II. The Reporting Persons are filing this joint statement,
as they may be considered a "group" under Section 13(d)(3) of
the Act. However, neither the fact of this filing nor anything
contained herein shall be deemed to be an admission by the
Reporting Persons that such a group exists.
Item 2(b). Address of Principal Business Office or, if None, Residence:
399 Park Avenue, 38th Floor
New York, New York 10022
Item 2(c). Citizenship:
ALSF, ALSF II, QP II, Candens and Management are organized
under the laws of the State of Delaware. Offshore and Offshore
II are organized under the laws of the Cayman Islands. Gabe
Hoffman is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock
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CUSIP No. 91914F100 13G Page 11 of 17 Pages
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Item 2(e). CUSIP Number:
91914F100
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
/X/ Not Applicable
(a) / / Broker or dealer registered under Section 15 of the
Exchange Act.
(b) / / Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) / / Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) / / Investment company registered under Section 8 of the
Investment Company Act.
(e) / / An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f) / / An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F).
(g) / / A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act.
(i) / / A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act.
(j) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership
The percentages reported herein are calculated based on
14,934,807 shares of Common Stock outstanding as of November
1, 2006, as reported in the Issuer's Form 10-Q filed with the
Securities and Exchange Commission on November 9, 2006.
See Cover Pages Items 5-11.
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 the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following [].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
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CUSIP No. 91914F100 13G Page 12 of 17 Pages
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Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
See Exhibit A.
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certifications.
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.
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CUSIP No. 91914F100 13G Page 13 of 17 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: December 13, 2006 ACCIPITER LIFE SCIENCES FUND, LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND II, LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND
(OFFSHORE), LTD.
By: Accipiter Capital Management, LLC
its investment manager
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND II
(OFFSHORE), LTD.
By: Accipiter Capital Management, LLC
its investment manager
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
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CUSIP No. 91914F100 13G Page 14 of 17 Pages
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ACCIPITER LIFE SCIENCES FUND II (QP), LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER CAPITAL MANAGEMENT, LLC
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
CANDENS CAPITAL, LLC
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
/s/ Gabe Hoffman
-----------------------------------------
GABE HOFFMAN
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CUSIP No. 91914F100 13G Page 15 of 17 Pages
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EXHIBIT INDEX
The following document is filed herewith:
(a) Joint Filing Agreement dated December 13, 2006 among Accipiter
Life Sciences Fund, LP, Accipiter Life Sciences Fund II, LP,
Accipiter Life Sciences Fund (Offshore), Ltd., Accipiter Life
Sciences Fund II (Offshore), Ltd., Accipiter Life Sciences Fund
II (QP), LP, Accipiter Capital Management, LLC, Candens Capital,
LLC and Gabe Hoffman.
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CUSIP No. 91914F100 13G Page 16 of 17 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13G dated
December 13, 2006 with respect to the shares of Common Stock of Valera
Pharmaceuticals, Inc. and any further amendments thereto executed by each and
any of the undersigned shall be filed on behalf of each of the undersigned
pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934, as amended.
Dated: December 13, 2006 ACCIPITER LIFE SCIENCES FUND, LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND II, LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND
(OFFSHORE), LTD.
By: Accipiter Capital Management, LLC
its investment manager
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER LIFE SCIENCES FUND II
(OFFSHORE), LTD.
By: Accipiter Capital Management, LLC
its investment manager
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
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CUSIP No. 91914F100 13G Page 17 of 17 Pages
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ACCIPITER LIFE SCIENCES FUND II (QP), LP
By: Candens Capital, LLC
its general partner
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
ACCIPITER CAPITAL MANAGEMENT, LLC
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
CANDENS CAPITAL, LLC
By: /s/ Gabe Hoffman
-------------------------------------
Gabe Hoffman, Managing Member
/s/ Gabe Hoffman
-----------------------------------------
GABE HOFFMAN