FORM 4 [ ] Check this box if no longersubject to Section 16. Form 4 or Form5 obligations may continue.See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005Estimated average burdenhours per response. . . . . 0.5

FORM 4

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

OMB APPROVAL

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden
hours per response. . .0.5

Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person* Warburg Pincus Private Equity VIII, L.P. (Last) (First) (Middle) c/o Warburg, Pincus & Co. 466 Lexington Avenue (Street) New York, NY 10017 (City) (State) (Zip) 2. Issuer Name and Ticker or Trading Symbol Triangle Pharmaceuticals Inc.VIRS 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) 4. Statement for (Month/Day/Year 01/15/2003 5. If Amendment, Date of Original (Month/Day/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below) Description 7. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

1. Name and Address of Reporting Person* Dreyer, Paul A.	2. Issuer Name and Ticker or Trading Symbol Triangle Pharmaceuticals, Inc. (VIRS)		6. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Executive Vice President
(Last) (First) (Middle) c/o Triangle Pharmaceuticals, Inc. 4611 University Drive, 4 University Place	3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)	4. Statement for Month/Day/Year 1/16/03
(Street) Durham, NC 27707		5. If Amendment, Date of Original (Month/Day/Year)	7. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person
(City) (State) (Zip)	Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)

2. Trans- action Date (Month/ Day/ Year)

2A. Deemed Execution Date, if any (Month/Day/ Year)

3. Trans- action Code (Instr. 8)

4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 & 5)

5. Amount of Securities Beneficially Owned Follow- ing Reported Transactions(s) (Instr. 3 & 4)

6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4)

7. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Title of Security (Instr. 3)

2.TransactionDate(Month/Day/Year)

2A. Deemed Execution Date, if any(Month/Day/Year)

3. Transaction Code (Instr. 8)

4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4, and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)

6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4)

7. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

Amount

(A) or (D)

Price

Code

Amount

A/D

Price

Common Stock

1/16/03

2,658

$6.00

2,214

Common Stock

01/15/2003

23,384,887

$6.00

D See (1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conver- sion or Exercise Price of Deri- vative Security

3. Transaction Date(Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr.8)

5. Number of Derivative Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)

6. Date Exercisable(DE) and Expiration Date(ED) (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr.5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr.4)

10. Owner-shipForm ofDeriv-ativeSecurities:Direct (D)orIndirect (I)(Instr.4)

11. Nature of Indirect Beneficial Ownership (Instr.4)

Code

Title

Amount or Number of Shares

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

By:	Date:
/s/ Scott Arenare	01/16/2003
** Signature of Reporting Person	SEC 1474 (9-02)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

Name and Address of Reporting Person* Warburg Pincus Private Equity VIII, L.P. (Last) (First) (Middle) c/o Warburg, Pincus & Co. 466 Lexington Avenue (Street) New York, NY 10017 (City) (State) (Zip) Issuer Nameand Ticker or Trading Symbol Triangle Pharmaceuticals Inc.VIRS Statement for(Month/Day/Year) 01/15/2003

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

~~Joint~~Explanation ~~Filer InformationName: Warburg, Pincus & Co. (General Partner~~ of ~~WP VIII)Address~~Responses: 466 Lexington Avenue New York, New York 10017Name: Warburg Pincus LLC (Manager of WP VIII)Address: 466 Lexington Avenue New York, New York 10017Designated Filer: Warburg Pincus Private Equity VIII, L.P.Issuer & Ticker Symbol: Triangle Pharmaceuticals, Inc. (VIRS)Date of Event Requiring Statement: January 15, 2003Note 1:In two transactions in 2001, Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("WP VIII") acquired a total of 23,384,887 shares of the Company's Common Stock (the "WP Shares"). The sole general partner of WP VIII is Warburg, Pincus & Co., a New York general partnership ("WP"). Warburg Pincus LLC, a New York limited liability company ("WP LLC"), manages WP VIII. The members of WP LLC are substantially the same as the partners of WP. By reason of the provisions of Rule 16a-1 of the Securities and Exchange Act of 1934, as amended, WP VIII, WP and WP LLC may be deemed to be the beneficial owners of the WP Shares, although WP and WP LLC disclaim beneficial ownership of the WP Shares, except to the extent of any indirect pecuniary interest therein.WARBURG PINCUS PRIVATE EQUITY VIII, L.P.By: Warburg, Pincus & Co., General PartnerBy:/s/ Scott Arenare January , 2003 PartnerWARBURG PINCUS & CO.By:/s/ Scott Arenare January , 2003 PartnerWARBURG PINCUS LLCBy:/s/ Scott Arenare January , 2003 Managing Director

By: /s/ R. Andrew Finkle
R. Andrew Finkle as Attorney-in-fact for Paul A. Dreyer
**Signature of Reporting Person

1/21/03
Date

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

POWER OF ATTORNEY



 I, Paul A. Dreyer, a resident of the State or Commonwealth of North

Carolina, of legal age and legally competent for all purposes, do hereby grant this

Power of Attorney to Chris A. Rallis, Andrew Finkle, Esquire and Rachel Mandell, Esquire

of Triangle Pharmaceuticals, Inc. (the "Company"), who are of legal age and who are

legally competent for all purposes, and with full power of substitution so that they,

or any of them, may perform any and all acts necessary to achieve the purposes described

herein below.  I expressly authorize the said attorneys-in-fact, or any of them, to

execute and deliver to the Securities and Exchange Commission on my behalf and on

behalf of any trust of which I am a trustee the Initial Statement of Beneficial

Ownership of Securities on Form 3, the Statement of Changes in Beneficial Ownership on

Form 4, the Annual Statement of Changes in Beneficial Ownership on Form 5 and any

amendments to said forms for securities of the Company that I or any trust of which I

am a trustee now or hereafter beneficially own based on the information which I shall

provide.  The authority under this Power of Attorney shall continue until the undersigned

is no longer required to file Forms 3, 4, and 5 with regard to the ownership of or

transactions in securities of the Company by the undersigned or any trust of which the

undersigned is a trustee, unless earlier revoked in writing.  The undersigned

acknowledges that Chris A. Rallis, Andrew Finkle, Esquire, and Rachel Mandell Esquire

are not assuming any of the undersigned's responsibilities to comply with Section 16 of

the Securities Exchange Act of 1934.



 IN TESTIMONY WHEREOF, I hereby sign and seal this Power of Attorney in the City

of Durham, before the undersigned Notary Public on this the 16th day of September, 2002.







      /s/ Paul A. Dreyer       [SEAL]







 I, Laura B. Cartier, a Notary Public in and for Durham County, NC, do certify

that Paul A. Dreyer personally appeared before me and acknowledged the due

execution of the foregoing Power of Attorney.



 WITNESS my hand and notarial seal, this the 16th day of September, 2002.





       /s/ Laura B. Cartier      [SEAL]

           Notary Public

My Commission Expires:



   4-22-2007

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