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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Kingdon Capital Management Corporation
152 West 57th Street
New York, New York 10019
2. Date of Event Requiring Statement (Month/Day/Year)
November 26, 1997
3. IRS Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Global Pharmaceutical Corporation (GLPC)
5. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
( ) Director (X) 10% Owner ( ) Officer (give title
below) ( ) Other
(specify below)
6. 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
Table I -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
Securities Form: Beneficial Ownership
Beneficially Direct(D) or
Owned Indirect(I)
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Table II -- Derivative Securities Beneficially Owned
<TABLE>
<S> <C> <C> <C> <C> <C>
1.Title of 2.Date Exer- 3.Title and Amount 4. Conver- 5. Ownership 6. Nature of
Derivative cisable and of Securities sion or Form of Indirect
Security Expiration Underlying Exercise Derivative Beneficial
Date Derivative Security Price of Security:
Ownership
(Month/Day/ --------------- Deri- Direct(D) or
Year) Title Amount or vative Indirect (I)
--------------- Number of Security
Date Expira- Shares
Exer- tion
cisable Date
Class B Immed. --- Common 1,454,545* (I) General
Preferred Stock Partner
or Investment
Manager
</TABLE>
Explanation of Responses:
* The Reporting Person disclaims beneficial ownership of these
securities except to the extent of its pecuniary interest
therein.
SIGNATURE OF REPORTING PERSON
KINGDON CAPITAL MANAGEMENT CORPORATION
By: /s/ Peter J. Cobos
___________________________
Peter J. Cobos
Controller
DATE:
March 18, 1998
2
48400002.AL8
