UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Enzon Pharmaceuticals, Inc
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
293904108
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(CUSIP Number)
Jeffrey M. Elliott
Executive Vice President
Iridian Asset Management LLC
276 Post Road West
Westport, CT 06880-4704
203-341-9009
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 23, 2009
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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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-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 Section 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 the
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).
Page 1 of 15 Pages
CUSIP No. 293904108 Schedule 13D Page 2 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Asset Management LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 8,185,737
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,185,737
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,185,737
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.1%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 3 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
COLE Partners LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
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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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 377,870
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
377,870
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
377,870
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
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14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 4 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Private Business Value Equity Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 285,860
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
285,860
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
285,860
- --------------------------------------------------------------------------------
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
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 5 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Partners Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 92,010
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
92,010
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,010
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 6 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Renoma Partners LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 25,350
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
25,350
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,350
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 7 of 15 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iridian Charter Fund, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 25,350
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
25,350
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,350
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 0.1%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 8 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harold J. Levy
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PN, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 50,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 8,185,737
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 154,712
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,185,737
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,340,449
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 9 of 15 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David L. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 8,185,737
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,185,737
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,185,737
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 293904108 Schedule 13D Page 10 of 15 Pages
This Schedule 13D relates to the common stock, par value $.01 per share (the
"Common Stock"), of Enzon Pharmaceuticals, Inc., a Delaware corporation (the
"Issuer").
The information presented on the cover sheets for each filing person is based
upon ownership as of July 23, 2009. The percent of class is based upon
45,298,257 shares of Common Stock issued and outstanding as of May 5, 2009 as
reported by the Issuer on its Form 10-Q for the quarter ended March 31, 2009.
Item 2. Identity and Background.
This statement is filed by Iridian Asset Management LLC ("Iridian"), COLE
Partners LLC ("COLE"), Iridian Private Business Value Equity Fund, L.P.
("Private Business"), Iridian Partners Fund, L.P. ("Partners"), Renoma Partners
LLC ("Renoma"), Iridian Charter Fund, LP ("Charter") David L. Cohen ("Cohen")
and Harold J. Levy ("Levy") (collectively, the "Reporting Persons").
The principal business address of all of the Reporting Persons is c/o Iridian
Asset Management LLC, 276 Post Road West, Westport, CT 06880-4704.
Iridian is an investment adviser registered under Section 203 of the Investment
Advisers Act of 1940, and its principal business is managing a number of
accounts containing securities over which Iridian has voting and dispositive
power. Iridian is also the sole member of COLE and Renoma. Iridian disclaims
pecuniary interest in the shares owned by its clients.
The principal business of COLE is serving as the general partner of Private
Business and Partners. The principal business of Private Business and Partners
is investing in securities. Iridian serves as the investment adviser to Private
Business and Partners. COLE, as the general partner of Private Business and
Partners, and Iridian, as the sole member of COLE and investment adviser to
Private Business and Partners, share voting and dispositive power over the
investments of Private Business and Partners.
The principal business of Renoma is serving as the general partner of Charter.
The principal business of Charter is investing in securities. Iridian serves as
the investment adviser to Charter. Renoma, as the general partner of Charter,
and Iridian, as the sole member of Renoma and investment adviser to Charter,
share voting and dispositive power over the investments of Charter.
Each of Messrs. Cohen and Levy indirectly owns a 50% equity interest in Iridian
through entities owned or controlled by them. The principal occupation of each
of Messrs. Cohen and Levy is Co-President, Co-Chief Executive Officer and
Co-Chief Investment Officer of Iridian.
CUSIP No. 293904108 Schedule 13D Page 11 of 15 Pages
The managers of Iridian are Mr. Cohen and Mr. Levy.
The executive officers of Iridian are Messrs. Cohen and Levy, and Jeffrey M.
Elliott. The principal occupation of each of Messrs. Cohen, Levy, and Elliott is
to serve as an officer of Iridian and of other Reporting Persons, and the
principal business address of each such person is c/o Iridian, 276 Post Road
West, Westport, CT 06880-4704.
None of the Reporting Persons nor any of the managers, directors or executive
officers of any of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The securities reported in Item 5 as beneficially owned by the Reporting Persons
were acquired as follows:
Accounts managed by Iridian (excluding Private Business, Partners and Charter)
purchased an aggregate of 7,782,517 shares of Common Stock for total
consideration (including brokerage commissions) of approximately $64.6 million
derived from the capital of the managed accounts.
Private Business purchased an aggregate of 285,860 shares of Common Stock for a
total consideration (including brokerage commissions) of approximately $2.4
million derived from the capital of Private Business.
Partners purchased an aggregate of 92,010 shares of Common Stock for a total
consideration (including brokerage commissions) of approximately $0.8 million
derived from the capital of Charter.
Charter purchased an aggregate of 25,350 shares of Common Stock for a total
consideration (including brokerage commissions) of approximately $0.2 million
derived from the capital of Charter.
Levy purchased an aggregate of 50,000 shares of Common Stock for a total
consideration (including brokerage commissions) of approximately $0.4 million
using personal funds. Levy, through a revocable trust for which he is the
trustee, also purchased 4.0% Convertible Senior Notes due 2013 convertible into
104,712 shares of the Common Stock for a total consideration (including
brokerage commissions) of $0.9 million using personal funds.
Item 4. Purpose of Transaction.
Iridian previously had reported its ownership interest in a Schedule 13G filed
with respect to December 31, 2008.
The Reporting Persons are now filing this Schedule 13D as a result of the
election of Harold J. Levy to the Board of Directors of the Issuer on July 23,
2009.
CUSIP No. 293904108 Schedule 13D Page 12 of 15 Pages
Item 5. Interest in Securities of the Issuer.
(a), (b) As of July 23, 2009, the Reporting Persons may be deemed to
beneficially own in the aggregate 8,185,737 shares of Common Stock, representing
18.1% of the outstanding Common Stock (the percentage of shares of Common Stock
owned being based upon 45,298,257 shares of Common Stock outstanding at May 5,
2009 as set forth in the Issuer's Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2009).
The Reporting Persons may be deemed to have direct beneficial ownership of
shares of Common Stock as follows:
Name Number of Shares Percentage
Iridian (1) 7,782,517 17.2%
Private Business 285,860 0.6%
Partners 92,010 0.2%
Charter 25,350 less than 0.01%
Levy (2) 154,712 0.3%
(1) The shares of Common Stock set forth above for Iridian do not include the
shares of Common Stock held by Private Business, Partners and Charter.
(2) The shares of Common Stock set forth above for Levy include 50,000 shares
owned directly, and 104,712 shares of the Common Stock which he has the right to
acquire upon conversion of 4.0% Convertible Senior Notes due 2013.
Iridian has direct beneficial ownership of the shares of Common Stock in the
accounts which it manages. In addition, Iridian is the investment adviser for
Private Business. In such capacity, Iridian has the right to vote and direct the
disposition of shares of Common Stock held by such entities and, consequently,
has beneficial ownership of such shares.
Messrs. Cohen and Levy may be deemed to possess beneficial ownership of the
shares of Common Stock beneficially owned by Iridian by virtue of their indirect
controlling ownership of Iridian, and having the power to vote and direct the
disposition of shares of Common Stock as joint Chief Investment Officers of
Iridian. Messrs. Cohen and Levy disclaim beneficial ownership of such shares.
COLE, as the sole general partner of Private Business and Partners, may be
deemed to own beneficially shares of Common Stock of which Private Business and
Partners may be deemed to possess direct beneficial ownership. Iridian, as the
sole member of COLE, may be deemed to possess beneficial ownership of the shares
of Common Stock that are beneficially owned by COLE.
Renoma, as the sole general partner of Charter, may be deemed to own
beneficially shares of Common Stock of which Charter may be deemed to possess
direct beneficial ownership. Iridian, as the sole member of Renoma, may be
deemed to possess beneficial ownership of the shares of Common Stock that are
beneficially owned by Renoma.
CUSIP No. 293904108 Schedule 13D Page 13 of 15 Pages
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of 8,185,737 shares of Common Stock. Messrs.
Cohen and Levy may be deemed to share with Iridian the power to vote or direct
the vote and to dispose or direct the disposition of such shares. Messrs. Cohen
and Levy disclaim beneficial ownership of such shares.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of the 285,860 shares of Common Stock held by
Private Business and of the 92,010 shares of Common Stock held by Partners. COLE
(in addition to Messrs. Cohen and Levy) may be deemed to share with Iridian the
power to vote or direct the vote and to dispose or direct the disposition of
such shares.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of the 25,350 shares of Common Stock held by
Charter. Renoma (in addition to Messrs. Cohen and Levy) may be deemed to share
with Iridian the power to vote or direct the vote and to dispose or direct the
disposition of such shares.
Levy has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of the 50,000 shares of Common Stock held by
him. Levy has the direct power to dispose or direct the disposition, of 104,712
shares of the Common Stock which he has the right to acquire upon conversion of
4.0% Convertible Senior Notes due 2013.
(c) Other than the transactions described in Schedule I of this statement, no
Reporting Person nor any director or executive officer of any Reporting Person
has effected any transactions in the Common Stock during the past 60 days.
(d) No person other than the Reporting Persons has any right to receive or the
power to direct the receipt of dividends from, or the proceeds of the sale of,
any of the Common Stock beneficially owned by the Reporting Persons, except that
the dividends from, or proceeds from the sale of, shares of Common Stock in each
respective account managed by Iridian will be delivered into each such
respective account.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Not applicable.
Item 7. Material to be Filed as Exhibits.
Exhibit 1. Joint Filing Agreement.
CUSIP No. 293904108 Schedule 13D Page 14 of 15 Pages
SIGNATURE.
After reasonable inquiry and to the best of its or his knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: July 27, 2009
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE EQUITY FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PARTNERS FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
RENOMA PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN CHARTER FUND, LP
By: RENOMA PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
CUSIP No. 293904108 Schedule 13D Page 15 of 15 Pages
SCHEDULE I
REPORTING PERSONS TRANSACTIONS IN COMMON STOCK
Trade Date Side Number of Shares Price per Share
- ------------------------------------------------------------------------------
4/27/2009 sell 180 $5.77
4/27/2009 sell 1,660 $5.77
4/27/2009 sell 230 $5.76
4/27/2009 sell 80 $5.72
4/27/2009 sell 40 $5.76
4/28/2009 sell 8,210 $5.69
5/5/2009 buy 2,670 $5.74
5/11/2009 sell 2,460 $6.26
5/13/2009 sell 960 $6.06
5/26/2009 sell 3,150 $7.21
5/26/2009 sell 16,390 $7.21
5/27/2009 sell 170 $7.37
5/27/2009 sell 180 $7.37
5/27/2009 sell 100 $7.40
6/8/2009 sell 70 $7.70
6/23/2009 sell 25,210 $7.81
6/25/2009 sell 180 $7.85
6/25/2009 sell 230 $7.84
6/25/2009 sell 100 $7.84
7/1/2009 sell 3,020 $8.03
7/9/2009 sell 8,180 $7.80
7/13/2009 buy 4,548 $7.99
7/13/2009 buy 110 $7.99
7/13/2009 buy 70 $7.99
7/13/2009 buy 140 $7.99
7/13/2009 buy 180 $7.99
7/13/2009 buy 220 $7.99
7/13/2009 buy 40 $7.99
7/13/2009 buy 70 $7.99
7/13/2009 buy 290 $7.99
7/13/2009 buy 40 $7.99
7/13/2009 buy 400 $7.99
7/13/2009 buy 1,480 $7.99
7/13/2009 buy 140 $7.99
7/13/2009 buy 40 $7.99
7/13/2009 buy 110 $7.99
7/13/2009 buy 970 $7.99
7/13/2009 buy 180 $7.99
7/13/2009 buy 500 $7.99
7/13/2009 buy 40 $7.99
7/13/2009 buy 110 $7.99
7/13/2009 buy 19,570 $7.99
7/14/2009 buy 12,680 $7.98
7/14/2009 buy 3,150 $7.98
7/14/2009 buy 140 $7.98
7/14/2009 buy 1,100 $7.98
7/14/2009 buy 800 $7.98
7/14/2009 buy 17,130 $7.98
7/15/2009 buy 12,670 $8.00
7/15/2009 buy 5,290 $8.00
7/15/2009 buy 640 $8.00
7/15/2009 buy 1,640 $8.00
7/15/2009 buy 910 $8.00
7/15/2009 buy 1,170 $8.00
7/15/2009 buy 17,540 $8.00
7/16/2009 buy 45,500 $8.07
7/17/2009 buy 1,620 $8.20
7/22/2009 sell 7,450 $8.27
7/22/2009 sell 3,700 $8.27
7/23/2009 sell 11,470 $8.09
(1) Price per share does not include commission.
JOINT FILING AGREEMENT
This JOINT FILING AGREEMENT is made and entered into by and among Iridian Asset
Management LLC, COLE Partners LLC, Iridian Private Business Value Equity Fund,
L.P., Iridian Partners Fund, L.P., Renoma Partners LLC, Iridian Charter Fund,
LP, David L. Cohen and Harold J. Levy.
The parties to this Agreement hereby agree to prepare jointly and file timely
(or otherwise deliver as appropriate) all filings on Schedule 13D and Schedule
13G (the "Filings") required to be filed by them pursuant to Section 13(d) or
13(g) under the Securities Exchange Act of 1934, as amended, with respect to
their respective ownership of any securities of Enzon Pharmaceuticals, Inc. that
are required to be reported on any Filings. Each party to this Agreement further
agrees and covenants to the other parties that it will fully cooperate with such
other parties in the preparation and timely filing (and other delivery) of all
such Filings.
Date: July 27, 2009
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
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Jeffrey M. Elliott, Executive Vice President
COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE EQUITY FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN PARTNERS FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
RENOMA PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
IRIDIAN CHARTER FUND, LP
By: RENOMA PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott, Executive Vice President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually