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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)(1)
AQUILA BIOPHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
03839 F 107
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(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 9, 1998
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(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 8 Pages)
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(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).
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CUSIP NO. 03839 F 107 13D Page 2 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VALUE FUND, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 162,984
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
162,984
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
162,984
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 03839 F 107 13D Page 3 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF PARTNERS L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 320,984
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
320,984
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
320,984
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 03839 F 107 13D Page 4 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 320,984
REPORTING ------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------
10 SHARED DISPOSITIVE POWER
320,984
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
320,984
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 03839 F 107 13D Page 5 of 8 Pages
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock, par value $.01 per share (the "Stock"), of Aquila Biopharmaceuticals,
Inc., a Delaware corporation ("Aquila"). The principal executive office of
Aquila is located at 365 Plantation Street, Worcester MA 01605.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Statement, the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and
certain information regarding each of them, are as follows:
(a) Biotechnology Value Fund, L.P., a Delaware limited partnership
("BVF"), BVF Partners L.P., a Delaware limited partnership ("Partners"), BVF
Inc., a Delaware corporation ("BVF Inc."), and Mark N. Lampert, an individual
("Lampert") (collectively, the "Reporting Persons").
(b) The business address of BVF and Partners is 333 West Wacker Drive,
Suite 1600, Chicago, Illinois 60606. The business address of BVF Inc. and
Lampert is One Sansome Street, 39th Floor, San Francisco, California 94104.
(c) Partners is the general partner of BVF, which is an investment limited
partnership. BVF Inc. is an investment adviser to and general partner of
Partners. Lampert is the sole shareholder, sole director and an officer of BVF
Inc.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e) During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) Lampert is a citizen of the United States of America.
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CUSIP NO. 03839 F 107 13D Page 6 of 8 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 9, 1997, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number of
58,000 shares of the Stock for an aggregate consideration of $268,612.50,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners and sold 13,400 shares for an
aggregate consideration of $116,844.08. 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 158,000 shares of the
Stock for an aggregate consideration of $731,737.50, utilizing funds under
management by Partners pursuant to investment management agreements between
Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTIONS.
The sole purpose of the acquisitions and dispositions of the Stock reported
herein is and was for investment. The Reporting Persons did not at the time of
such acquisitions or dispositions of the Stock, and do not presently, have any
plan to acquire control of Aquila. The Reporting Persons may acquire or dispose
of additional shares of the Stock from time to time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 162,984 shares of the Stock, Partners
beneficially owns 320,984 shares of the Stock, and BVF Inc. beneficially owns
320,984 shares of the Stock, approximately 2.8%, 5.5% and 5.5%, respectively, of
the aggregate number of shares outstanding as of March 25, 1998.
(b) BVF shares voting and dispositive power over the 162,984 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 320,984 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"), Palamundo, L.D.C., a limited
duration company organized under the laws of the Cayman Islands ("Palamundo"),
ZPG Securities, L.L.C., a New York limited liability company ("ZPG") and
Biotechnology Value Fund, Ltd., a Cayman Islands Corporation ("BVF Ltd.").
ILL10, Palamundo, ZPG and BVF Ltd. are collectively 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., 333
West Wacker Drive, Suite 1600, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons since the 60 day period preceding the date
of the event requiring
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CUSIP NO. 03839 F 107 13D Page 7 of 8 Pages
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filing. All purchases effected on February 9, 1998 were made in cash directly
from the Aquila in private transactions. The sales 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 December 9, 1997.
(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 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Partners is the general partner of BVF pursuant to a limited partnership
agreement which authorizes Partners, among other things, to invest the funds of
BVF in the Stock and to vote and dispose of the Stock. Pursuant to such limited
partnership agreement, Partners is entitled to allocations based on assets under
management and realized and unrealized gains thereon. Pursuant to investment
management agreements with the Accounts, Partners and BVF Inc. have the
authority, among other things, to invest funds of the Accounts in the Stock and
to vote and dispose of the Stock. Pursuant to such agreements, Partners and BVF
Inc. receive fees based on assets under management and realized and unrealized
gains thereon. BVF Inc. is the general partner of Partners and may be deemed to
own beneficially securities over which Partners exercises voting and dispositive
power.
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
December 9, 1997.
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CUSIP NO. 03839 F 107 13D Page 8 of 8 Pages
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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: April 17, 1998
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
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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 statement
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 amendments or supplements thereto shall also be filed on
behalf of each of them.
Dated: April 17, 1998
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
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Mark N. Lampert
President
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EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
SINCE DECEMBER 9, 1997
<TABLE>
<CAPTION>
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Settlement For the Price per
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Date By Account of Quantity Share Type of Trade Broker
---- -- ---------- -------- ----- ------------- ------
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<S> <C> <C> <C> <C> <C> <C>
02/09/98 Partners BVF 58,000 $4.6313 Purchase NB
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02/09/98 Partners ILL10 15,000 $4.6313 Purchase NB
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02/09/98 Partners PAL 10,000 $4.6313 Purchase NB
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02/09/98 Partners ZPG 8,000 $4.6313 Purchase NB
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02/09/98 Partners BVF Ltd. 125,000 $4.6313 Purchase NB
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02/26/98 Partners BVF 3,400 $8.7500 Sale INET
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02/27/98 Partners BVF 10,000 $8.7500 Sale INET
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</TABLE>
NB = No Broker
INET = Instinet
