<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
FINAL AMENDMENT
ALZA TTS RESEARCH PARTNERS, LTD.
(Name of subject company)
PHARMAINVEST, L.L.C.
PHARMACEUTICAL ROYALTIES, L.L.C.
PHARMACEUTICAL ROYALTY INVESTMENTS LTD.
PHARMACEUTICAL PARTNERS, L.L.C.
(Bidder)
UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of class of securities)
NONE
(CUSIP Number)
------------------------
PABLO LEGORRETA, DAVE MADDEN
PHARMAINVEST, L.L.C.
70 E. 55th St., 23rd Floor
New York, NY 10022
(800) 600-1450
------------------------
COPIES TO:
F. GEORGE DAVITT, ESQ.
TESTA, HURWITZ & THIBEAULT, LLP
HIGH STREET TOWER
125 HIGH STREET
BOSTON, MA 02110
------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
This Final Amendment amends and supplements the Tender Offer Statement
on Schedule 14D-1, as amended, as filed by PharmaInvest, L.L.C., a Delaware
limited liability company (the "Purchaser") on behalf of Pharmaceutical
Royalties, L.L.C., a Delaware limited liability company, and Pharmaceutical
Royalty Investments Ltd., a Bermuda company (collectively the "Funds"), and
on behalf of Pharmaceutical Partners, L.L.C., relating to the offer by
Purchaser to purchase outstanding Units of Limited Partnership Interest (the
"Units"), of ALZA TTS Research Partners, Ltd. (the "Partnership"), a
California limited partnership, at $13,200 per Unit, net to the seller in
cash, on the terms and subject to the conditions set forth in the Offer to
Purchase, dated November 20, 1997, (the "Offer to Purchase"), and in the
related Letters of Transmittal and any amendments or supplements thereto,
copies of which are attached hereto as Exhibits (a)(1), (a)(2), (a)(6) and
(a)(7), respectively (which collectively constitute the "Offer").
The Offer expired at 12:00 midnight (Eastern Standard Time) on February 2,
1998.
At the time of expiration, 72 Units had been tendered and not
withdrawn. On February 6, 1998, the Purchaser accepted for payment all
tendered units, payments for which will be made promptly.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS
Item 11 is hereby amended as follows:
(a)(10) Press Release dated February 6, 1998.
2
<PAGE>
SIGNATURES
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: February 6, 1998
<TABLE>
<S> <C> <C>
PHARMAINVEST, L.L.C.
By: /s/ PABLO LEGORRETA
-----------------------------------------
Title: Managing Member of
Pharmaceutical Partners, L.L.C., the Manager
---------------------------------------------
PHARMACEUTICAL ROYALTIES, L.L.C.
By: /s/ PABLO LEGORRETA
-----------------------------------------
Title: Managing Member of
Pharmaceutical Partners, L.L.C., the Manager
---------------------------------------------
PHARMACEUTICAL ROYALTY
INVESTMENTS LTD.
By: /s/ PABLO LEGORRETA
-----------------------------------------
Title: Managing Member of
Pharmaceutical Partners, L.L.C., the Manager
---------------------------------------------
PHARMACEUTICAL PARTNERS, L.L.C.
By: /s/ PABLO LEGORRETA
-----------------------------------------
Title: Managing Member
---------------------------------------------
</TABLE>
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
- --------- --------------------------------------------------------------------------------------------------------
<S> <C>
(a)(10) Press Release dated February 6, 1998
</TABLE>
<PAGE>
TENDER OFFER OF PHARMAINVEST, L.L.C. EXPIRES
NEW YORK, NEW YORK, (February 6, 1998)...........The tender offer of
PharmaInvest, L.L.C. to purchase up to 1,400 of the outstanding units (the
"Units") of limited partnership interest of ALZA TTS Research Partners, Ltd.
for $13,200 per Unit expired at 12:00 Midnight, (Eastern Standard Time), on
February 2, 1998. At the time of expiration, 72 Units had been tendered
and not withdrawn. PharmaInvest will promptly pay for all Units which were
validly tendered in the offer.
For additional information, contact MacKenzie Partners, Inc., the
Information Agent, at (800) 322-2885.
