United Therapeutics Corporation in $250 Million Convertible Offering

October 30, 2006

Cleary Gottlieb represented Deutsche Bank Securities Inc., as initial purchaser, in a $250 million Rule 144A/Reg. S offering by United Therapeutics Corporation of its 0.50% convertible senior notes due 2011. The offering (including full exercise of the related over-allotment option) closed October 30.

United Therapeutics also entered into a convertible note hedge transaction and a written call option that have the effect for United Therapeutics of increasing the conversion price of the notes and reducing the potential dilution from conversion.

United Therapeutics is a biotechnology company focused primarily on the development and commercialization of innovative therapeutic products for the treatment of cardiovascular diseases.