-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, StqQfO0uVjDdHYCxkIImvjCG6Q+4qTVLTmID0CAvOC/2kTZdQQxCbmXYpsN9yuOr 8f/zMFub29Fx5umQVXAl9A== 0001047469-99-030602.txt : 19990811 0001047469-99-030602.hdr.sgml : 19990811 ACCESSION NUMBER: 0001047469-99-030602 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990810 GROUP MEMBERS: BIOTECHNOLOGY VALUE FUND L P GROUP MEMBERS: BVF INC. GROUP MEMBERS: BVF PARTNERS L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SIBIA NEUROSCIENCES INC CENTRAL INDEX KEY: 0001011065 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 953616229 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-48087 FILM NUMBER: 99682343 BUSINESS ADDRESS: STREET 1: 505 COAST BLVD SOUTH STREET 2: STE 300 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: 6194525892 MAIL ADDRESS: STREET 1: 505 COAST BLVD SOUTH STREET 2: SUITE 300 CITY: LA JOLLA STATE: CA ZIP: 92037 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BIOTECHNOLOGY VALUE FUND L P CENTRAL INDEX KEY: 0000918923 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 363924731 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 227 W MONROE STREET, SUITE 4800 STREET 2: 227 W MONROE STREET, SUITE 4800 CITY: CHICAGO STATE: IL ZIP: 60606 MAIL ADDRESS: STREET 1: 227 W MONROE STREET, SUITE 4800 STREET 2: 227 W MONROE STREET, SUITE 4800 CITY: CHICAGO STATE: IL ZIP: 60606 SC 13D/A 1 SCHEDULE 13D/A, COVER SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------------ SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13D-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a) (AMENDMENT NO. 2)1 SIBIA NEUROSCIENCES, INC. ------------------------- (Name of Issuer) COMMON STOCK ------------ (Title of Class of Securities) 825732 10 0 ----------- (CUSIP Number) Marc Schneidman BVF Partners L.P. 227 West Monroe Street, Suite 4800 Chicago, Illinois 60606 (415) 288-2396 ---------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 9, 1999 -------------- (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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. SEE Rule 13d-1(a) for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 7 Pages) - -------------------------- 1 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 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). - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 2 of 7 Pages - ---------------------------------- ------------------------------ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BIOTECHNOLOGY VALUE 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* WC - ------------------------------------------------------------------------------- 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 746,750 REPORTING --------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER -0- --------------------------------------------- 10 SHARED DISPOSITIVE POWER 746,750 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 746,750 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.7% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 3 of 7 Pages - ---------------------------------- ------------------------------ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BVF PARTNERS L.P. - ------------------------------------------------------------------------------- 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 1,418,500 REPORTING --------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER -0- --------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,418,500 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,418,500 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.6% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 4 of 7 Pages - ---------------------------------- ------------------------------ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BVF INC. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/ (b) / / - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC, 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 1,418,500 REPORTING --------------------------------------------- PERSON WITH 9 SOLE DISPOSITIVE POWER -0- --------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,418,500 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,418,500 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.6% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, CO - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 5 of 7 Pages - ---------------------------------- ------------------------------ This Amendment No. 2 (the "Amendment") to the Statement on Schedule 13D, dated September 8, 1998 (as amended, the "Statement"), as amended by Amendment No. 1, dated August 4, 1999 ("Amendment No. 1"), is filed with the Securities and Exchange Commission on behalf of Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF"), BVF Partners L.P., a Delaware limited partnership ("Partners"), and BVF Inc., a Delaware corporation ("BVF Inc." and, together with BVF and Partners, the "Reporting Persons") with respect to the Common Stock (the "Stock"), of Sibia Neurosciences, Inc., a Delaware corporation ("SIBIA"). Item 3 is hereby amended to read in its entirety as follows: ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Since the Reporting Persons' filing of Amendment No. 1, Partners, in its capacity as general partner of BVF, has purchased on behalf of such limited partnership an aggregate number of 39,000 shares of the Stock for an aggregate consideration of $343,048.50, utilizing funds provided by BVF from its working capital pursuant to the terms of its limited partnership agreement with Partners. In addition, Partners, in its capacity as investment manager with respect to certain managed accounts, has purchased on behalf of such managed accounts an aggregate number of 58,900 shares of the Stock for an aggregate consideration of $513,556.50, utilizing funds under management by Partners pursuant to investment management agreements between Partners and such managed accounts. Item 4 is hereby amended to read in its entirety as follows: ITEM 4. PURPOSE OF TRANSACTIONS. BVF believes the terms of the proposed acquisition of SIBIA by Merck & Co. do not adequately reflect the fair value of SIBIA's world-class drug discovery organization plus the extraordinary potential of SIBIA's royalties derived from preexisting, fully-funded, partnered programs. Accordingly, BVF may explore various alternatives for enhancing SIBIA's shareholder value. In particular, one alternative we have expressed interest in is the distribution of the preexisting, fully-funded, partnered royalties to SIBIA's current shareholders. There can be no assurance that this alternative or other alternatives developed by BVF, if any, will be acceptable to SIBIA or that if so approved, will be consummated. In pursuit of the above mentioned goals, BVF has communicated with, and may communicate with in the future SIBIA's management, Board and other shareholders, with Merck, and with other interested parties. - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 6 of 7 Pages - ---------------------------------- ------------------------------ Item 5 is hereby amended to read in its entirety as follows: ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) BVF beneficially owns 746,750 shares of the Stock, Partners beneficially owns 1,418,500 shares of the Stock, and BVF Inc. beneficially owns 1,418,500 shares of the Stock, approximately 7.7%, 14.6% and 14.6%, respectively, of the aggregate number of shares outstanding as of July 30, 1999 (as reported by SIBIA's shareholder services department). (b) BVF shares voting and dispositive power over the 746,750 shares of the Stock it beneficially owns with Partners. Partners and BVF Inc. share voting and dispositive power over the 1,418,500 shares of the Stock they beneficially own with, in addition to BVF, the managed accounts on whose behalf Partners, as investment manager, purchased such shares. The managed accounts on whose behalf Partners owns shares of the Stock are Investment 10 L.L.C., an Illinois limited liability company ("ILL10") and Biotechnology Value Fund, Ltd., a Cayman Islands Corporation ("BVF Ltd."). Together, ILL10 and BVF Ltd. are referred to herein as the "Accounts." The Accounts specialize in holding biotechnology stocks for investment purposes and the business address of each is BVF Partners L.P., 227 West Monroe Street, Suite 4800, Chicago, Illinois 60606. (c) Exhibit B attached hereto contains information as to all transactions in the Stock by the Reporting Persons since Amendment No. 1. All such transactions were made for cash in open market, over-the-counter transactions. No other transactions in the Stock have been effected by the Reporting Persons since Amendment No. 1. (d) The Accounts are entitled to receive dividends and any sale proceeds with respect to the Stock in proportion to their respective ownership interests therein. Item 7 is hereby amended to read in its entirety as follows: ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit A - Agreement Regarding Joint Filing Exhibit B - Transactions in the Stock by the Reporting Persons since Amendment No. 1. - --------------------------------- ------------------------------ CUSIP NO. 896263 10 0 13D Page 7 of 7 Pages - ---------------------------------- ------------------------------ After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: August 9, 1999 BIOTECHNOLOGY VALUE FUND, L.P. By: BVF Partners L.P., its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert -------------------- Mark N. Lampert President BVF PARTNERS L.P. By: BVF Inc., its general partner By: /s/ Mark N. Lampert ------------------- Mark N. Lampert President BVF INC. By: /s/ Mark N. Lampert ------------------- Mark N. Lampert President EXHIBIT A AGREEMENT REGARDING JOINT FILING -------------------------------- The undersigned, Biotechnology Value Fund, L.P., a Delaware limited partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF Inc., a Delaware corporation, hereby agree and acknowledge that the Amendment containing the information required by Schedule 13D, to which this Agreement is attached as an exhibit, is filed on behalf of each of them. The undersigned further agree that any further amendments or supplements thereto shall also be filed on behalf of each of them. Dated: August 9, 1999 BIOTECHNOLOGY VALUE FUND, L.P. By: BVF Partners L.P., its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert ------------------- Mark N. Lampert President BVF PARTNERS L.P. By: BVF Inc., its general partner By: /s/ Mark N. Lampert ------------------- Mark N. Lampert President BVF INC. By: /s/ Mark N. Lampert ------------------- Mark N. Lampert President EXHIBIT B TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS -------------------------------------------------- SINCE AMENDMENT NO. 1 ---------------------
For the Account --------------- Trade Date By of Quantity Price per Share Type of Trade Broker - ---------- -- --------------- -------- --------------- ------------- ------ - ------------------------------------------------------------------------------------------------------------------------------- 08/05/99 ILL10 Partners 5,000 $8.3750 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/05/99 BVF Ltd. Partners 5,000 $8.3750 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/06/99 BVF Partners 31,000 $8.6283 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/06/99 ILL10 Partners 13,000 $8.6283 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/06/99 BVF Ltd. Partners 26,000 $8.6283 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/06/99 ILL10 Partners 400 $8.8750 Purchase INET - ------------------------------------------------------------------------------------------------------------------------------- 08/09/99 BVF Partners 8,000 $9.4464 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/09/99 ILL10 Partners 3,000 $9.4464 Purchase HRZG - ------------------------------------------------------------------------------------------------------------------------------- 08/09/99 BVF Ltd. Partners 6,500 $9.4464 Purchase HRZG - -------------------------------------------------------------------------------------------------------------------------------
INET = Instinet HRZG = Herzog, Hein & Geduld -----END PRIVACY-ENHANCED MESSAGE-----