<SEC-DOCUMENT>0001209191-11-038423.txt : 20110706
<SEC-HEADER>0001209191-11-038423.hdr.sgml : 20110706
<ACCEPTANCE-DATETIME>20110706171445
ACCESSION NUMBER:		0001209191-11-038423
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110706
FILED AS OF DATE:		20110706
DATE AS OF CHANGE:		20110706

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED THERAPEUTICS Corp
		CENTRAL INDEX KEY:			0001082554
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				521984749
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1040 SPRING ST
		CITY:			SILVER SPRING
		STATE:			MD
		ZIP:			20910
		BUSINESS PHONE:		3016089292

	MAIL ADDRESS:	
		STREET 1:		1040 SPRING ST
		CITY:			SILVER SPRING
		STATE:			MD
		ZIP:			20910

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED THERAPEUTICS CORP
		DATE OF NAME CHANGE:	19990324

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LILLY ELI & CO
		CENTRAL INDEX KEY:			0000059478
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26301
		FILM NUMBER:		11954111

	BUSINESS ADDRESS:	
		STREET 1:		LILLY CORPORATE CTR
		STREET 2:		DROP CODE 1112
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285
		BUSINESS PHONE:		3172762000

	MAIL ADDRESS:	
		STREET 1:		LILLY CORPORATE CENTER
		STREET 2:		DROP CODE 1112
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46285
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c19557_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
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<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-07-06</periodOfReport>

    <issuer>
        <issuerCik>0001082554</issuerCik>
        <issuerName>UNITED THERAPEUTICS Corp</issuerName>
        <issuerTradingSymbol>UTHR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000059478</rptOwnerCik>
            <rptOwnerName>LILLY ELI &amp; CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>LILLY CORPORATE CENTER</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>INDIANAPOLIS</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>46285</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <transactionDate>
                <value>2011-07-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>811443</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>54.15</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5251394</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <transactionDate>
                <value>2011-07-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>49103</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>54.99</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5251394</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Forward sale contract (obligation to sell)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-07-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>43941824.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-07-06</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-07-06</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>811443</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On July 6, 2011, Eli Lilly and Company (&quot;Lilly&quot;) settled the first of three tranches of a variable forward contract (the &quot;Forward Contract&quot;) entered into in September 2010 with an unaffiliated third party (&quot;Buyer&quot;) , which requires Lilly to deliver to Buyer up to a total of 3,150,838 shares of common stock of United Therapeutics Corporation (&quot;Common Stock&quot;) in three tranches, beginning with a delivery of up to 1,050,280 shares on July 6, 2011 (the &quot;First Settlement Date&quot;).  Lilly pledged 3,150,838 shares of Common Stock to secure its obligations under the Forward Contract and retained dividend and voting rights in such shares during the term of the pledge.</footnote>
        <footnote id="F2">(continued from Footnote 1)   Pursuant to the Forward Contract, Lilly was required to deliver a number of shares of Common Stock based on the volume weighted average prices per share of Common Stock on each trading day of the 10 trading day period ending on the date three trading days prior to the First Settlement Date (each, a &quot;Settlement Price&quot;) and Buyer was required to pay $43,941,824.70.   On July 6, 2011, Lilly delivered 811,443 shares of Common Stock in satisfaction of its obligations under the Forward Contract.</footnote>
        <footnote id="F3">Pursuant to the Forward Contract, any shares not delivered upon settlement were to be returned to Lilly (the &quot;Extra Shares&quot;). In connection with the settlement of the first tranche, the parties agreed that the Buyer would pay cash to Lilly in lieu of the Extra Shares being returned to Lilly, with the amount of such cash being determined by  prices based on market prices over a 10-trading day period preceding the First Settlement Date.  Under the terms of this arrangement, Lilly agreed that the Extra Shares would be delivered to Buyer on June 23, 2011, June 29, 2011 and July 6, 2011, and that Lilly would  receive a cash payment for such shares on the First Settlement Date.  Pursuant to the arrangement, 49,103 of the Extra Shares were delivered to Buyer on July 6, 2011, for which Buyer paid $2,700,286.51.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Eli Lilly Corporation, By: /s/ John Huesing, Title: Corporate Treasurer</signatureName>
        <signatureDate>2011-07-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
