SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)
Noven Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
670009109
(CUSIP Number)
December 31, 2009
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G/A 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 in the remainder of this cover page shall not be
deemed to be "filed" for purposes 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 14 Pages)
CUSIP No. 670009109 13G/A Page 2 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Capital Management LP
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 3 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners I LP
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 4 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners II LP
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 5 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Overseas Master Fund Ltd.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 6 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Advisors LLC
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 7 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Schafer Brothers LLC
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 8 of 14 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING -----------------------------------------------------------------
PERSON 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 ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
--------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 670009109 13G/A Page 9 of 14 Pages
ITEM 1.
(a) NAME OF ISSUER: Noven Pharmaceuticals, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
11960 S.W. 144th Street
Miami, Florida 33186
Item 2(a). NAME OF PERSON FILING:
(i) Oscar S. Schafer & Partners I LP, a Delaware limited
partnership ("OSS I"), with respect to shares of Common
Stock (as defined in Item 2(d) below) directly owned by
it;
(ii) Oscar S. Schafer & Partners II LP, a Delaware limited
partnership ("OSS II", and together with OSS I, the
"Partnerships"), with respect to shares of Common Stock as
defined in Item 2(d) below) directly owned by it;
(iii) O.S.S. Overseas Master Fund Ltd., a Cayman Islands
exempted company ("OSS Master"), with respect to shares of
Common Stock directly owned by it;
(iv) O.S.S. Advisors LLC, a Delaware limited liability company
(the "General Partner"), which serves as the general
partner of each of the Partnerships and as advisor to OSS
Master, with respect to shares of Common Stock (as defined
in Item 2(d) below) directly owned by each of the
Partnerships and OSS Master;
(v) O.S.S. Capital Management LP, a Delaware limited
partnership (the "Investment Manager"), which serves as
investment manager, and management company, to OSS
Master and the Partnerships, respectively, and has
investment discretion with respect to shares of Common
Stock directly owned by OSS Master and Partnerships;
(vi) Schafer Brothers LLC, a Delaware limited liability company
(the "SB LLC"), which serves as the general partner to the
Investment Manager, with respect to shares of Common Stock
directly owned by the Partnerships and OSS Master; and
(vii) Mr. Oscar S. Schafer ("Mr. Schafer"), who serves as the
senior managing member of the General Partner and of SB
LLC, with respect to shares of Common Stock directly owned
by the Partnerships and OSS Master.
CUSIP No. 670009109 13G/A Page 10 of 14 Pages
The Partnerships, OSS Master, the General Partner, the Investment Manager,
SB LLC and Mr. Schafer are hereinafter sometimes collectively referred to as the
"Reporting Persons." Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry to
the appropriate party.
ITEM 2.
(a) NAME OF PERSON FILING
(i) O.S.S. Capital Management LP
(ii) Oscar S. Schafer & Partners I LP
(iii) Oscar S. Schafer & Partners II LP
(iv) O.S.S. Overseas Master Fund Ltd.
(v) O.S.S. Advisors LLC
(vi) Schafer Brothers LLC
(vii) Oscar S. Schafer
(b) ADDRESS OF PRINCIPAL OFFICE, OR, IF NONE, RESIDENCE
The address of the principal business offices of each of:
(i) Investment Manager
598 Madison Avenue
New York, NY 10022
(ii) OSS I
598 Madison Avenue
New York, NY 10022
(iii) OSS II
598 Madison Avenue
New York, NY 10022
(iv) OSS Master
Walkers SPV Limited
Mary Street
George Town Grand Cayman
KY1-9002
Cayman Islands, British West Indies
(v) General Partner
598 Madison Avenue
New York, NY 10022
(vi) SB LLC
598 Madison Avenue
New York, NY 10022
(vii) Mr. Schafer
598 Madison Avenue
New York, NY 10022
CUSIP No. 670009109 13G/A Page 11 of 14 Pages
(c) CITIZENSHIP
(i) Investment Manager - Delaware, USA
(ii) OSS I - Delaware, USA
(iii) OSS II - Delaware, USA
(iv) OSS Master - Cayman Islands
(v) General Partner - Delaware, USA
(vi) SB LLC - Delaware, USA
(vii) Mr. Schafer - USA
(d) TITLE OF CLASS OF SECURITIES Common Stock
(e) CUSIP NUMBER
670009109
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
CUSIP No. 670009109 13G/A Page 12 of 14 Pages
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
The Investment Manager may be deemed to beneficially own 0
Shares. OSS I may be deemed to beneficially own 0 Shares. OSS
II may be deemed to beneficially own 0 Shares. OSS Master may be
deemed to beneficially own 0 Shares. The General Partner may be
deemed to beneficially own 0 Shares as a result of its voting and
dispositive power over 0 Shares owned by the Partnerships and OSS
Master. SB LLC may be deemed to beneficially own 0 as a result of
its voting and dispositive power over 0 Shares owned by the
Partnerships and OSS Master. Mr. Schafer may be deemed to
beneficially own 0 by virtue of his voting and dispositive power
over 0 Shares owned by the Partnerships and OSS Master.
(b) PERCENTAGE BENEFICIALLY OWNED
Based on calculations made in accordance with Rule 13d-3(d), and
there being 24,897,000 Shares outstanding:
(i) Investment Manager may be deemed to beneficially own
approximately 0% of the outstanding Shares;
(ii) OSS I may be deemed to beneficially own approximately 0%
of the outstanding Shares;
(iii) OSS II may be deemed to beneficially own approximately 0%
of the outstanding Shares;
(iv) OSS Master may be deemed to beneficially own approximately
0% of the outstanding Shares;
(v) General Partner may be deemed to beneficially own
approximately 0% of the outstanding Shares;
(vi) SB LLC may be deemed to beneficially own approximately 0%
of the outstanding Shares;
(vii) Mr. Schafer may be deemed to beneficially own
approximately 0% of the outstanding Shares;
(c) NUMBER OF SHARES AS TO WHICH THE PERSON HAS:
(i) Sole power to vote or to direct the vote NA.
(ii) Shared power to vote or to direct the vote 0.
(iii) Sole power to dispose or to direct the disposition of NA.
(iv) Shared power to dispose or to direct the disposition of 0.
CUSIP No. 670009109 13G/A Page 13 of 14 Pages
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 [x].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
The (i) limited partners and the general partner of the Partnerships and
(ii) the shareholders and advisor of OSS Master have the right to participate
in the receipt of dividends from, or proceeds from the sale of, the securities
held for the Partnerships and OSS Master, respectively.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
CUSIP No. 670009109 13G/A Page 14 of 14 Pages
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.
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.
February 16, 2010
------------------------------
Date
/s/ Oscar S. Schafer
------------------------------
Signature
Oscar S. Schafer, Managing Partner
------------------------------
Name/Title
February 16, 2010
------------------------------
Date
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.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties for whom copies are to be sent.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)