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Soros Fund Management LLC, et al. – ‘SC 13D/A’ on 6/21/06 re: NPS Pharmaceuticals Inc

On:  Wednesday, 6/21/06, at 4:01pm ET   ·   Accession #:  1011438-6-464   ·   File #:  5-44877

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/21/06  Soros Fund Management LLC         SC 13D/A               1:15K  NPS Pharmaceuticals Inc           Akin Gump Str… Office/FA
          George Soros

Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to General Statement of Beneficial           8     29K 
                          Ownership

Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
4Item 2. Identity and Background
"Item 5. Interest in Securities of the Issuer
5Item 7. Material to Be Filed as Exhibits 
SC 13D/A1st Page of 8TOC↑TopPreviousNext↓BottomJust 1st
 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13D
(AMENDMENT NO. 1)*

 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 NPS PHARMACEUTICALS, INC.
(Name of Issuer)

COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)

 62936P103
(CUSIP Number)

 Patrick J. Dooley, Esq.
 Akin, Gump, Strauss, Hauer & Feld, L.L.P.
590 Madison Avenue
New York, New York 10022
(212) 872-1000
 (Name, Address and Telephone Number of Person
 Authorized to Receive Notices and Communications)

 JUNE 14, 2006
(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.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the 
following box [ ].                                                              

NOTE: Schedules filed in paper format shall include a signed original and five  
copies of the schedule, including all exhibits. See Rule ss.240.13d-7 for other 
parties to whom copies are to be sent.                                          

*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).                                                                         

Continued on following page(s)
 Page 1 of 8 Pages
 Exhibit Index: Page 7


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CUSIP NO. 62936P103                                           PAGE 2 OF 8 PAGES 

031011.0004 WEST  5933271 v1                                                    
1        Names of Reporting Persons                                             
I.R.S. Identification Nos. of above persons (entities only)   

Soros Fund Management LLC                   

2        Check the Appropriate Box If a Member of a Group (See Instructions)    
                                      a.       [ ]
                                      b.       [X]
3        SEC Use Only                                                           

4        Source of Funds (See Instructions)                                     

AF                                          

5        Check Box If Disclosure of Legal Proceedings Is Required Pursuant to   
Items 2(d) or 2(e)                                            

[ ]                                         

6        Citizenship or Place of Organization                                   

Delaware                                    

       7             Sole Voting Power
Number of                                      3,289,016                        
Shares                                                                      
Beneficially                8             Shared Voting Power                   
Owned By                                     0                              
Each                                                                        
Reporting                   9             Sole Dispositive Power                
Person                                       3,289,016                      
With                                                                        
              10            Shared Dispositive Power
               0

11       Aggregate Amount Beneficially Owned by Each Reporting Person           

                 3,289,016

12       Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares  
(See Instructions)                                            

 [ ]

13       Percent of Class Represented By Amount in Row (11)                     

             7.14%

14       Type of Reporting Person (See Instructions)                            

OO, IA


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CUSIP NO. 62936P103                                           PAGE 3 OF 8 PAGES 

1        Names of Reporting Persons                                             
I.R.S. Identification Nos. of above persons (entities only)   

  George Soros (in the capacity described herin)

2        Check the Appropriate Box If a Member of a Group (See Instructions)    
                                      a.       [ ]
                                      b.       [X]
3        SEC Use Only                                                           

4        Source of Funds (See Instructions)                                     

AF                                          

6        Check Box If Disclosure of Legal Proceedings Is Required Pursuant to   
Items 2(d) or 2(e)                                            

[X]                                         

6        Citizenship or Place of Organization                                   

United States                               

       7             Sole Voting Power
Number of                                      3,289,016                        
Shares                                                                      
Beneficially                8             Shared Voting Power                   
Owned By                                     0                              
Each                                                                        
Reporting                   9             Sole Dispositive Power                
Person                                       3,289,016                      
With                                                                        
              10            Shared Dispositive Power
               0

11       Aggregate Amount Beneficially Owned by Each Reporting Person           

                 3,289,016

12       Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares  
(See Instructions)                                            

 [ ]

13       Percent of Class Represented By Amount in Row (11)                     

             7.14%

14       Type of Reporting Person (See Instructions)                            

          IA


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CUSIP NO. 62936P103                                           PAGE 4 OF 8 PAGES 

This Amendment No. 1 to Schedule 13D relates to shares of common stock, par     
value $0.001 per share (the "Shares"), of NPS Pharmaceuticals, Inc., a Delaware 
corporation (the "Issuer"). This Amendment No. 1 supplementally amends the      
initial statement on Schedule 13D, dated May 17, 2006 (the "Initial Statement"),
filed by the Reporting Persons (as defined herein). Capitalized terms used but  
not defined herein shall have the meanings ascribed to them in the Initial      
Statement. The Initial Statement is supplementally amended as follows.          

ITEM 2. IDENTITY AND BACKGROUND.                                                

This statement is filed on behalf of each of the following persons    
(collectively, the "Reporting Persons"): Soros Fund Management LLC, a Delaware  
limited liability company ("SFM LLC") and George Soros, a United States citizen.

     The Shares which are the subject of this Statement are held for the account
of Quantum Partners LDC, a Cayman Islands exempted limited duration company     
("Quantum Partners"). SFM LLC serves as principal investment manager to Quantum 
Partners. As such, SFM LLC has been granted investment discretion over portfolio
investments, including the Shares, held for the account of Quantum Partners.    

     Mr. Soros, as Chairman of SFM LLC, has the ability to direct the investment
decisions of SFM LLC and as such may be deemed to have investment discretion    
over the securities held for the account of Quantum Partners.                   

   On December 27, 2002, Mr. Soros appealed a decision of the 11e Chambre du
Tribunal Correctionnel in Paris, France that fined him 2.2 million euros on     
December 20, 2002 based on a finding of insider trading with respect to trading 
in securities of Societe Generale in 1988. On March 24, 2005, the Paris Court of
Appeal affirmed the decision of the 11e Chambre du Tribunal Correctionnel and on
June 14, 2006 the Cour de Cassation upheld such decision, but ordered the Court 
of Appeal to determine whether the fine should be reduced. Mr. Soros intends to 
appeal this decision to the European Court of Justice.                          

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.                                   

(a) According to information provided by the Issuer in its most recent
quarterly report on Form 10-Q, the number of Shares outstanding was 46,090,509  
on May 1, 2006. Each of SFM LLC and Mr. Soros may be deemed the beneficial owner
for purposes of Section 13(d) of the Securities Exchange Act of 1934 of the     
3,289,016 Shares held for the account of Quantum Partners. Such shares represent
approximately 7.14% of the issued and outstanding Shares.                       

  (b)(i) SFM LLC may be deemed to have the sole power to direct the voting
and disposition of the 3,289,016 Shares held for the account of Quantum         
Partners.                                                                       

  (ii) Mr. Soros, by virtue of his position with SFM LLC, may be deemed to
have the sole power to direct the voting and disposition of the 3,289,016 Shares
held for the account of Quantum Partners.                                       

   (c) The trading dates, number of shares purchased and price per share for
all transactions by the Reporting Persons since May 30, 2006 (the date of the   
last filing on Schedule 13D) are set forth in Exhibit B attached hereto. All    
such transactions were over-the-counter purchases for the account of Quantum    
Partners.                                                                       


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CUSIP NO. 62936P103                                           PAGE 5 OF 8 PAGES 

   (d) The shareholders of Quantum Partners are entitled to receive, or have
the power to direct, the receipt of dividends from or the proceeds of sales of  
the Shares held for the account of Quantum Partners, in accordance with their   
ownership interests in Quantum Partners.                                        

(e) Not applicable.                                                   

ITEM 7 MATERIAL TO BE FILED AS EXHIBITS.                                        

 Exhibit B - List of transactions in Issuer's common stock since May 30,
2006 (the date of the last filing on Schedule 13D).                             


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CUSIP NO. 62936P103                                           PAGE 6 OF 8 PAGES 

SIGNATURES

  After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true, 
complete and correct.                                                           

Date:  June 21, 2006             SOROS FUND MANAGEMENT LLC                      

               By:      /s/ Jay Schoenfarber
                                          --------------------------------------
           Name:    Jay Schoenfarber
                    Title:   Assistant General Counsel

Date:  June 21, 2006             GEORGE SOROS                                   

               By:      /s/ Jay Schoenfarber
                                          --------------------------------------
           Name:    Jay Schoenfarber
           Title:   Attorney-in-Fact


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CUSIP NO. 62936P103                                           PAGE 7 OF 8 PAGES 

                                                        [Enlarge/Download Table]

                           EXHIBIT INDEX                                                               

                                                                                               PAGE NO.

                                                                                                       
B. Schedule of transactions effected since May 30, 2006 (the date of the last filing on                
   Schedule 13D)..............................................................................      8  



SC 13D/ALast Page of 8TOC1stPreviousNext↓BottomJust 8th

CUSIP NO. 62936P103                                           PAGE 8 OF 8 PAGES 

                                                        [Enlarge/Download Table]

                                                     EXHIBIT B                                                            

                         RECENT TRANSACTION IN THE SECURITIES OF NPS PHARMACEUTICALS, INC.                                
--------------------------------------------------------------------------------------------------------------------------
                                  DATE OF         NUMBER OF                 AGGREGATE PRICE                 NATURE OF     
     FOR THE ACCOUNT OF          TRANSACTION      SECURITIES        (EXCLUDING BROKERAGE COMMISSIONS)       TRANSACTION   
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
Quantum Partners LDC               6/8/06            8,700                       $5.62                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/8/06            1,300                        5.63                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/8/06           10,000                        5.60                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/9/06            4,724                         5.6                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/9/06            2,076                        5.61                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/9/06           12,600                       5.6131                         Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/9/06             200                         5.62                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/9/06             400                         5.63                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           4,700                        4.72                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           9,500                        4.731                         Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06          19,841                        4.76                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           4,750                        4.77                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           9,700                         4.8                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06          10,450                        4.84                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            100                         4.85                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            379                         4.87                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           3,500                        4.88                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           1,389                        4.89                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           5,000                        4.92                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           8,200                        4.93                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06          22,491                        5.00                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            200                         5.52                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           2,400                        5.53                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            700                         5.55                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            200                         5.56                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06            500                         5.57                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           1,900                        5.58                          Buy       
--------------------------------------------------------------------------------------------------------------------------
Quantum Partners LDC               6/12/06           4,100                        5.60                          Buy       
--------------------------------------------------------------------------------------------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘SC 13D/A’ Filing    Date First  Last      Other Filings
Filed on:6/21/066
6/14/06144
5/30/0647SC 13D
5/17/064
5/1/064
3/24/054
12/27/024
12/20/024
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