SC 13D/A 1 jun02_sc13da.txt SCHEDULE 13D -- AMENDMENT NO. 5 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 5)* ---------- FLAMEL TECHNOLOGIES S.A. (Name of Issuer) ORDINARY SHARES, NOMINAL VALUE (EURO)0.122 PER SHARE (Title of Class of Securities) ISIN NO. FR0004018711 (ORDINARY SHARES) CUSIP 338488109 (ADSs) (CUSIP Number)(1) ---------- OSCAR S. SCHAFER O.S.S. CAPITAL MANAGEMENT LP 598 MADISON AVENUE NEW YORK, NY 10022 (212) 756-8700 (Name, Address and Telephone Number of Person Authorized to Receive Notices of Communication) ---------- JUNE 2, 2005 (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 which is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] -------------------- (1) The Ordinary Shares have no CUSIP number. The ISIN number for the Ordinary Shares is FR0004018711. The CUSIP number for the ADSs is 338488109. ================================================================================ -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 2 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS O.S.S. Capital Management LP I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 2,665,947 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 2,665,947 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,665,947 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 3 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Oscar S. Schafer & Partners I LP I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 124,070 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 124,070 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 124,070 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 4 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Oscar S. Schafer & Partners II LP I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 1,239,507 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 1,239,507 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,239,507 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.7% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 5 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS O.S.S. Overseas Fund Ltd I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 1,302,370 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 1,302,370 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,302,370 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 6 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS O.S.S. Advisors LLC I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 1,363,577 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 1,363,577 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,363,577 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 7 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Schafer Brothers LLC I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 2,665,947 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 2,665,947 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,665,947 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! -------------------------- -------------------------- CUSIP No. 338488109 13D (PAGE 8 OF 12 PAGES) ISIN No. FR0004018711 -------------------------- -------------------------- -------- ----------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Oscar S. Schafer I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS -------- ----------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] -------- ----------------------------------------------------------------------- 3 SEC USE ONLY -------- ----------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF -------- ----------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] -------- ----------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA -------- ----------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ------ ------------------------------------------------ BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 2,665,947 ------ ------------------------------------------------ EACH REPORTING 9 SOLE DISPOSITIVE POWER 0 ------ ------------------------------------------------ PERSON WITH 10 SHARED DISPOSITIVE POWER 2,665,947 -------- ----------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,665,947 -------- ----------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] -------- ----------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 12.3% -------- ----------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN -------- ----------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! EXPLANATORY NOTE This Amendment No. 5 to Schedule 13D ("Amendment No. 5") is being filed on behalf of Oscar S. Schafer & Partners I LP, a Delaware limited partnership ("OSS I LP"), Oscar S. Schafer & Partners II LP, a Delaware limited partnership ("OSS II LP" and together with OSS I LP, the "Limited Partnerships"), O.S.S. Advisors LLC, a Delaware limited liability company (the "General Partner"), O.S.S. Overseas Fund Ltd., a Cayman Islands exempted company ("OSS Overseas"), O.S.S. Capital Management LP, a Delaware limited partnership, (the "Investment Manager"), Schafer Brothers LLC, a Delaware limited liability company ("SB LLC"), and Mr. Oscar S. Schafer ("Mr. Schafer", and together with the Limited Partnerships, the General Partner, OSS Overseas, the Investment Manager and SB LLC, the "Reporting Persons"), who serves as the senior managing member of the General Partner and SB LLC. This Amendment No. 5 relates to the ordinary shares, nominal value (euro)0.122 per share ("Ordinary Shares"), of Flamel Technologies S.A., a SOCIETE ANONYME organized under the laws of the Republic of France (the "Issuer"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission (the "SEC") on April 18, 2005, as amended by Amendment No. 1, filed with the SEC on April 29, 2005, Amendment No. 2, filed with the SEC on May 11, 2005, Amendment No. 3, filed with the SEC on May 12, 2005, and Amendment No. 4, filed with the SEC on May 13, 2005 (as so amended, the "Original Schedule 13D"). Capitalized terms used in this Amendment No. 5 but not otherwise defined herein shall have the meanings ascribed to them in the Original Schedule 13D. Except as amended hereby the Original Schedule 13D remains in effect. ITEM 4. PURPOSE OF TRANSACTION Item 4 of the Original Schedule 13D is amended and supplemented by adding between the ninth and the tenth paragraphs thereof, the following text: On May 20, 2005, the Issuer filed a report on Form 6-K with the SEC (the "May 20 Form 6-K") including the materials to be made available to shareholders in connection with the 2005 AGM. Those materials included the OSS Resolutions, the biographical information on the candidates for election to the Board of Directors of Flamel proposed by the OSS Shareholders, and the reasons (L'EXPOSE DES MOTIFS) for the OSS Resolutions required by paragraph 3 of Art. 135 of DECRET NO. 67-236, dated March 23, 1967. The Form 6-K filing also included a letter to shareholders from Gerard Soula, Chairman and Chief Executive Officer of the Issuer, together with his Chairman's Report, dated May 19, 2005 (collectively, the "May 19 Communication"). On June 1, 2005, the Issuer issued a press release to which it appended a further letter to shareholders from Mr. Soula (the "June 1 Communication"). On the afternoon of June 1, 2005, the Issuer hosted a conference call to discuss the June 1 Communication (the "Conference Call") in which Mr. Soula and Stephen Willard, the General Counsel and Chief Financial Officer of the Issuer, participated. On June 2, 2005, on behalf of the Limited Partnerships and OSS Overseas, Mr. Schafer sent a letter (the "OSS Letter") to Mr. Soula, in which Mr. Schafer clarified the intentions of the Limited Partnerships and OSS Overseas and corrected certain facts that Mr. Schafer believes have been misstated by Mr. Soula in the May 19 Communication, the June 1 Communication - 9 - and on the Conference Call. The OSS Letter is included as Exhibit 8 to this Amendment No. 5 and is incorporated herein by reference. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 of the Original Schedule 13D is amended and restated in its entirety to read as follows: The following are filed as exhibits to this statement on Schedule 13D: Exhibit 1 Joint Filing Agreement (previously filed with the Original Schedule 13D on April 18, 2005). Exhibit 2 Notice of Ownership of More than 5% of Share Capital and Voting Rights Delivered to the Issuer pursuant to Article L. 233-7 of the French Commercial Code (CODE DE COMMERCE) (previously filed with Amendment No. 1 to Schedule 13D on April 29, 2005). Exhibit 3 Notice of Ownership of More than 10% of Share Capital and Voting Rights Delivered to the Issuer pursuant to Article L. 233-7 of the French Commercial Code (CODE DE COMMERCE) (previously filed with Amendment No. 2 to Schedule 13D on May 11, 2005). Exhibit 4 Letter to Gerard Soula, PRESIDENT ET DIRECTEUR GENERAL of Flamel Technologies S.A. Requiring Inclusion of Draft Resolutions on Agenda for 2005 Annual General Meeting pursuant to Article L. 225-105 of the French Commercial Code (CODE DE COMMERCE) (previously filed with Amendment No. 4 to Schedule 13D on May 13, 2005). Exhibit 5 Text of Draft Resolutions to be Proposed at Annual General Meeting of Shareholders of Flamel Technologies S.A. (previously filed with Amendment No. 4 to Schedule 13D on May 13, 2005). Exhibit 6 Biographical Information on Nominees for Directors (previously filed with Amendment No. 4 to Schedule 13D on May 13, 2005). Exhibit 7 Reasons (L'EXPOSE DES MOTIFS) for the Proposed Resolutions (previously filed with Amendment No. 4 to Schedule 13D on May 13, 2005). Exhibit 8 Letter to Gerard Soula, PRESIDENT ET DIRECTEUR GENERAL of Flamel Technologies S.A., dated June 2, 2005. - 10 - 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: June 2, 2005 /s/ Oscar S. Schafer ------------------------------ Oscar S. Schafer, individually O.S.S. CAPITAL MANAGEMENT LP By: Schafer Brothers LLC as General Partner By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Senior Managing Member OSCAR S. SCHAFER & PARTNERS I LLP By: O.S.S. Advisors LLC as General Partner By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Senior Managing Member OSCAR S. SCHAFER & PARTNERS II LLP By: O.S.S. Advisors LLC as General Partner By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Senior Managing Member - 11 - O.S.S. OVERSEAS FUND LTD By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Director O.S.S. ADVISORS LLC By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Senior Managing Member SCHAFER BROTHERS LLC By: /s/ Oscar S. Schafer ------------------------------ Name: Oscar S. Schafer Title: Senior Managing Member - 12 -