<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
TRANSCEND THERAPEUTICS, INC.
------------------------------------
(Name of Issuer)
Common Stock
------------------------------------
(Title of Class of Securities)
89353T 10 2
-----------
(CUSIP Number)
*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 ("Act") 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).
(Continued on following page(s))
Page 1 of 6 Pages
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CUSIP NO. 89353T 10 2 13G PAGE 2 OF 6 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1 (Entities Only)
BAXTER INTERNATIONAL INC.
I.R.S. Identification Number: 36-0781620
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
DELAWARE
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SOLE VOTING POWER
5
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
981,134(1)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
981,134(1)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
981,134(1)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
10 (See Instructions)
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11
17.0%(2)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*(See Instructions)
12
CO
- ------------------------------------------------------------------------------
- -------------------
(1) Consists of (i) 282,390 shares held by Baxter Healthcare Corporation, a
wholly owned subsidiary of Baxter International Inc., which number includes
15,953 shares issuable upon exercise of a warrant and (ii) 698,744 shares
held by Clintec International, Inc., a wholly owned subsidiary of Baxter
Healthcare Corporation. Clintec International, Inc. is currently in the
process of begin liquidated.
(2) Based on 5,758,649 shares of Common Stock outstanding as of December 31,
1997.
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CUSIP NO. 89353T 10 2 13G PAGE 3 OF 6 PAGES
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NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1 (Entities Only)
BAXTER HEALTHCARE CORPORATION
I.R.S. Identification Number: 36-2604143
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
981,134(1)
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
981,134(1)
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
981,134(1)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
10 (See Instructions)
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11
17.0%(2)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*(See Instructions)
12
CO
- ------------------------------------------------------------------------------
- -------------------
(1) Includes (i) 698,744 shares held by Clintec International, Inc., a wholly
owned subsidiary of Baxter Healthcare Corporation, and (ii) 15,953 shares
issuable upon exercise of a warrant. Clintec International, Inc. is
currently in the process of being liquidated.
(2) Based on 5,758,649 shares of Common Stock outstanding as of December 31,
1997.
<PAGE>
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CUSIP NO. 89353T 10 2 13G PAGE 4 OF 6 PAGES
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NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1 (Entities Only)
CLINTEC INTERNATIONAL, INC.(1)
I.R.S. Identification Number: 36-3452778
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
698,744
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
698,744
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
698,744
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
10 (See Instructions)
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11
12.1%(2)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*(See Instructions)
12
CO
- ------------------------------------------------------------------------------
- -------------------
(1) Clintec International, Inc. is currently in the process of being liquidated.
(2) Based on 5,758,649 shares of Common Stock outstanding as of December 31,
1997.
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Page 5 of 6 Pages
Item 1(a) Name of Issuer: TRANSCEND THERAPEUTICS, INC.
Item 1(b) Address of Issuer's Principal Executive Offices: 640 Memorial
Drive, Cambridge, Massachusetts 02139
Item 2(a) Name of Person Filing: Baxter International Inc., Baxter
Healthcare Corporation and Clintec International, Inc.
Item 2(b) Address of Principal Business Office or, if None, Residence:
One Baxter Parkway, Deerfield, Illinois 60015
Item 2(c) Citizenship: Delaware
Item 2(d) Title of Class of Securities: Common Stock
Item 2(e) CUSIP Number: 89353T 10 2
Item 3 If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the filing person is a: (Not applicable
filed pursuant to Rule 13d-1(c))
(a) [ ] Broker or Dealer registered under Section 15 of the
Act;
(b) [ ] Bank as defined in Section 3(a)(19) of the Act;
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act;
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act;
(e) [ ] Investment Advisor registered under Section 203 of the
Investment Advisers Act of 1940;
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income
Security Act of 1974, or Endowment Fund; see Rule
13d-a(b)(1)(ii)(F);
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G) (Note. See Item 7);
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item 4 Ownership.
(a) Amount Beneficially Owned: Common Stock
------------
Baxter International Inc. 981,134
Baxter Healthcare Corporation 981,134
Clintec International, Inc. 698,744
(b) Percent of Class Common Stock
------------
Baxter International Inc. 17.0%
Baxter Healthcare Corporation 17.0%
Clintec International, Inc. 12.1%
(c) With respect to the 981,134 shares reported herein, Baxter
International Inc. ("Parent") and Baxter Healthcare
Corporation ("BHC") share the power to vote or direct the
vote, and dispose or direct the disposition, of 282,390
shares, and Parent, BHC and Clintec International, Inc.
("Clintec") share the power to vote or direct the vote, and
dispose or direct the disposition of, 698,744 shares. The
981,134 shares reported herein include (i) 282,390 shares
held by BHC, a wholly owned subsidiary of Parent, which
number includes 15,953 shares issuable upon the exercise of
warrants and (ii) 698,744 shares held by Clintec, a wholly
owned subsidiary of BHC. Clintec is currently in the process
of being liquidated.
Item 5 Ownership of Five Percent or Less of a Class: Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company: BHC, a wholly owned subsidiary of Parent (282,390
shares, including 15,953 shares issuable upon the exercise of
warrants) and Clintec, a wholly owned subsidiary of BHC (698,744
shares).
Item 8 Identification and Classification of Members of the Group: Not
applicable.
Item 9 Notice of Dissolution of Group: Not applicable.
Item 10 Certification: Not applicable.
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Page 6 of 6 Pages
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned corporations certifies that the information set forth
in this statement is true, complete and correct.
DATE: February 17, 1998
BAXTER HEALTHCARE CORPORATION
By: /s/ J. Patrick Fitzsimmons
---------------------------------
J. Patrick Fitzsimmons
Assistant Secretary
BAXTER INTERNATIONAL INC.
By: /s/ Jan Stern Reed
---------------------------------
Jan Stern Reed
Assistant Secretary
CLINTEC INTERNATIONAL, INC.
By: /s/ Richard W. Hunt
---------------------------------
Richard W. Hunt
Vice President
