SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
__________
May 26, 1998
Date of Report (Date of earliest event reported)
AQUILA BIOPHARMACEUTICALS, INC.
(Exact name of registrant as specified in charter)
Delaware 0-12081 04-3307818
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
365 Plantation Street
Worcester, Massachusetts 01605
(Address of principal executive offices and zip code)
(508) 797-5777
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
As of May 26, 1998, the Board of Directors of the
Registrant adopted a shareholder rights plan. Pursuant to
the Shareholder Rights Agreement between the Registrant and
American Stock Transfer and Trust Company, as Rights Agent,
effective May 26, 1998 (the "Rights Agreement"), one Right
will be issued for each outstanding share of Common Stock,
par value, $.01 per share. The description and terms of the
Rights are set forth in the Rights Agreement which is filed
herewith as Exhibit 4.1 and is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
The following exhibit is filed with this Current
Report on Form 8-K.
Exhibit No. Description
4.1 Shareholder Rights Agreement, dated as of
May 26, 1998, between Aquila
Biopharmaceuticals, Inc. and
American Stock Transfer and Trust
Company, as Rights Agent,
including the form of Rights
Certificate as Exhibit A and the
Summary of Rights as Exhibit B
(incorporated by reference to
Exhibit 1 to Form 8-A, dated May
26, 1998, File No. 0-12081).
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
AQUILA BIOPHARMACEUTICALS, INC.
Date: May 26, 1998 /s/ James L. Warren
By:__________________________________
James L. Warren, Chief Financial Officer
and Treasurer