SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Nabi Biopharmaceuticals
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(Name of Issuer)
Common Stock, par value $0.10 per share
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(Title of Class of Securities)
629519109
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 5, 2006
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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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [X]
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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* 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).
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 2 OF 8 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HARVEST MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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
Delaware
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 3 OF 8 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JAMES MORGAN RUTMAN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK 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
United States of America
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 4 OF 8 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NATHANIEL BOHRER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 5 OF 8 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARJORIE GOCHBERG KELLNER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,615,658
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,615,658
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,615,658
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 6 OF 8 PAGES
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The Schedule 13D filed on May 2, 2006 by Harvest Management, L.L.C.
("Harvest Management"), James Morgan Rutman, Nathaniel Bohrer and Marjorie
Gochberg Kellner (collectively, the "Reporting Persons"), relating to the shares
("Shares") of common stock, $0. 10 par value, of Nabi Biopharmaceuticals (the
"Issuer"), is hereby amended as set forth below by this Amendment No. 1 to the
Schedule 13D.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On May 5, 2006, Harvest Management sent a letter to the Issuer with
respect to the determination of a quorum at its annual meeting, a copy of which
is attached hereto as Exhibit B and incorporated by reference herein.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Paragraph (c) of Item 4 of the Schedule 13D is hereby amended and restated as
follows:
(c) No transactions in the Shares were effected by the Reporting
Persons since the most recent filing of Schedule 13D.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is hereby amended by the addition of the following:
Exhibit B - Letter to the Issuer, dated May 5, 2006
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 7 OF 8 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 8, 2006
HARVEST MANAGEMENT, L.L.C.
By: /s/ Marjorie Gochberg Kellner
-----------------------------------
Name: Marjorie Gochberg Kellner
Title: Managing Member
/s/ James Morgan Rutman
-----------------------------------
JAMES MORGAN RUTMAN
/s/ Nathaniel Bohrer
-----------------------------------
NATHANIEL BOHRER
/S/MARJORIE GOCHBERG KELLNER
-----------------------------------
MARJORIE GOCHBERG KELLNER
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 8 OF 8 PAGES
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EXHIBIT INDEX
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1. Exhibit A - Joint Acquisition Statement, dated May 2, 2006 (previously filed)
2. Exhibit B - Letter to the Issuer, dated May 5, 2006
Harvest Management, L.L.C.
600 Madison Avenue
New York, New York 10022
May 5, 2006
VIA FACSIMILE AND FEDERAL EXPRESS
Nabi Biopharmaceuticals
5800 Park of Commerce Boulevard, N.W.
Boca Raton, Florida 33487
Attn: Thomas H. McLain
Chairman
Gentlemen:
As you know, we own approximately 9.4% of the outstanding shares of
Nabi Biopharmaceuticals (the "Company"), making us one of your largest
shareholders.
We have previously disclosed that we disagree with management's
determination to pursue its current plan for the next two years rather than
considering all other avenues to maximize value in the near term. We believe
that shareholders, including ourselves, should not be barred from raising
matters for consideration at this year's annual meeting of shareholders (the
"Annual Meeting"), currently scheduled for May 12, 2006, in order to act on that
disagreement. Yesterday, the U.S. Health and Human Services Department announced
plans to aggressively promote expanding our nation's cell-based manufacturing
facilities for producing vaccines. This major initiative only further
corroborates our belief in the significant strategic value of the Company's
current assets, especially its new cell-culture facility which you expect to be
validated later this year. Accordingly, as we indicated in our Schedule 13D
filed on May 2, 2006, we will not attend or vote our shares at this currently
scheduled Annual Meeting and have encouraged certain of your other shareholders
to do likewise. Consequently, we are requesting a legal proxy from our broker
since that is currently the only way to guarantee that our shares will not count
towards the quorum requirement of a majority of the total shares outstanding.
Again, our ultimate purpose in doing this is to have the Annual Meeting
rescheduled so that the Company must allow new shareholder proposals on its
strategic direction. We are thus seeking to prevent you from reaching a quorum
for the currently scheduled Annual Meeting. As you know, if shareholders
representing a majority of your total shares outstanding are not present, in
person or by proxy, at the Annual Meeting, according to your own By-Laws, you
will not reach a quorum and thus will not be able to conduct any business at the
meeting. If this
indeed occurs and you are forced to reschedule your Annual Meeting to a later
date, shareholders may be able to propose various items to be included for
consideration, including nominating new directors.
Unfortunately, your current proxy statement fails to disclose the
procedure that a stockholder must follow in order to not be counted as present
at the Annual Meeting so that a quorum can be prevented. As you must be aware,
most of your shareholders no doubt hold their shares in street name. If these
shareholders decline to return their proxy cards or choose to not attend the
currently scheduled Annual Meeting to similarly send a message to the Company of
their disagreement with management's current plans, their brokers are
nonetheless likely to cause their shares to be counted as "present" at the
Annual Meeting (as "broker non-votes") and in fact be voted in favor of
management. Even if these shareholders instructed their broker to "withhold"
their vote, the broker again is likely to cause such shares to be counted as
present but voted as "abstained," thus again betraying a shareholder's true
intent. Your current proxy statement fails to disclose that to assure that
shares held in street name will be not deemed present at the Annual Meeting, the
beneficial shareholder must obtain a legal proxy from its broker as we have
done. All shareholders should be made aware that obtaining a legal proxy
and not voting it is the only way to guarantee that their shares will not be
counted towards a quorum.
In order to permit your shareholders to express their true voting (or
non-voting) intention, we believe that you should promptly amend your proxy
statement to disclose to your shareholders the proper mechanics by which they
can assure that their shares will be deemed "not present" at the currently
scheduled Annual Meeting for quorum purposes. We also believe that, in these
circumstances, broker non-votes should not be considered as present for quorum
purposes. Given your seeming disregard for shareholder views, we have little
doubt that you will refuse to take either of these steps. If we are correct in
this presumption, then at a minimum, we ask that you reveal the level of broker
non-votes when you disclose the voting results from the Annual Meeting. Your
failure to do so will overstate support for management, only serving to further
distort your shareholders' wishes.
Very truly yours,
Harvest Management, L.L.C.
By:/s/ Majorie Gochberg Kellner
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Name: Majorie Gochberg Kellner
Title: Principal
cc: David L. Castaldi, Director
Geoffrey F. Cox, Ph.D., Director
Peter B. Davis, Director
Richard A. Harvey, Jr., Director
Leslie Hudson, Ph.D., Director
Linda Jenckes, Director
Thomas H. McLain, Director
Stephen G. Sudovar, Director