REPLIGEN CORP
SC 13D, 1998-09-09
BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
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<PAGE>

                          SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC  20549

                                   ----------------

                                     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)
                               (AMENDMENT NO. __)(1)
                                   REPLIGEN CORP.
                                  -----------------        
                                  (Name of Issuer)
                                          
                                    COMMON STOCK
                                  ----------------
                           (Title of Class of Securities)
                                          
                                    759916 10 9
                                  ---------------
                                   (CUSIP Number)
                                          
                                  Marc Schneidman
                                 BVF Partners L.P.
                         333 West Wacker Drive, Suite 1600
                              Chicago, Illinois  60606
                                   (415) 288-2396               
                    --------------------------------------------
                   (Name, Address and Telephone Number of Person
                 Authorized to Receive Notices and Communications)
                                          
                                 September 8, 1998
                                 ------------------
              (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 9 Pages)

- ---------------
(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).


<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 2 of 9 Pages
- -----------------------------                         -------------------------
 
- -------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON:
           BIOTECHNOLOGY VALUE FUND, L.P.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /X/  (b) / /
- -------------------------------------------------------------------------------
  3   SEC USE ONLY

- -------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- -------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                 -0-
      SHARES      -------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
  OWNED BY EACH             962,500
    REPORTING     -------------------------------------------------------------
      PERSON       7   SOLE DISPOSITIVE POWER
       WITH                -0-
                  -------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                           962,500
- -------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           962,500
- -------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                       / /
- -------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           5.2%
- -------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           PN
- -------------------------------------------------------------------------------

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 3 of 9 Pages
- -----------------------------                         -------------------------

- -------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON:
           BIOTECHNOLOGY VENTURE PARTNERS L.P.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /X/  (b) //
- -------------------------------------------------------------------------------
  3   SEC USE ONLY

- -------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- -------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  -0-
      SHARES       ------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
  OWNED BY EACH             412,500
    REPORTING      ------------------------------------------------------------
      PERSON       7   SOLE DISPOSITIVE POWER
       WITH                 -0-
                   ------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            412,500
- -------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           412,500
- -------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                       / /
- -------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           2.2%
- -------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           PN
- -------------------------------------------------------------------------------

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 4 of 9 Pages
- -----------------------------                         -------------------------

- -------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSON:
           BVF PARTNERS L.P.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
- -------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /X/  (b) / /
- -------------------------------------------------------------------------------
  3   SEC USE ONLY

- -------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- -------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  -0-
      SHARES       ------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
  OWNED BY EACH             2,406,250
    REPORTING      ------------------------------------------------------------
      PERSON       7   SOLE DISPOSITIVE POWER
       WITH                 -0-
                   ------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            2,406,250
- -------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           2,406,250
- -------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                       / /
- -------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           12.9%
- -------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           PN
- -------------------------------------------------------------------------------

                     * SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>


- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 5 of 9 Pages
- -----------------------------                         -------------------------

- -------------------------------------------------------------------------------
  1   NAME OF REPORTING PERSONS
           BVF INC.
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
- -------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                               (a) /X/  (b) / /
- -------------------------------------------------------------------------------
  3   SEC USE ONLY

- -------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION
           DELAWARE
- -------------------------------------------------------------------------------
      NUMBER       5   SOLE VOTING POWER
        OF                  0
      SHARES       ------------------------------------------------------------
   BENEFICIALLY    6   SHARED VOTING POWER
  OWNED BY EACH          2,406,250
    REPORTING      ------------------------------------------------------------
      PERSON       7   SOLE DISPOSITIVE POWER
       WITH              0
                   ------------------------------------------------------------
                   8   SHARED DISPOSITIVE POWER
                            2,406,250
- -------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           2,406,250
- -------------------------------------------------------------------------------
  10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
      CERTAIN SHARES*                                                       / /
- -------------------------------------------------------------------------------
  11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
           12.9%
- -------------------------------------------------------------------------------
  12  TYPE OF REPORTING PERSON*
           IA, CO
- -------------------------------------------------------------------------------

                        * SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 6 of 9 Pages
- -----------------------------                         -------------------------

ITEM 1.   SECURITY AND ISSUER.

     This Statement on Schedule 13D (this "Statement") relates to (i) Common
Stock, par value $.01 per share (the "Stock"), of Repligen Corporation, a
Delaware corporation ("RGEN"), and (ii) warrants to purchase Stock at $1.50 per
share (the "Warrants" and, together with the Stock, the "Securities").  The
principal executive office of RGEN is located at 117 Fourth Avenue, Needham,
Massachusetts  02194.

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"), Biotechnology Venture Partners, L.P., a Delaware limited partnership
("Venture"), 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, Venture 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 each of BVF and Venture, which are
investment limited partnerships.  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.

ITEM 3.   SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

     Not Applicable.

<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 7 of 9 Pages
- -----------------------------                         -------------------------

ITEM 4.   PURPOSE OF TRANSACTIONS.

     The external environment for small, quality biotechnology companies is
undergoing a period of rapid and profound change.  The convergence of a
depressed equity market, the possible slowing pace of a corporate partnering
activity, and escalating cash burn rates could produce an industry shake-out in
which financially conservative companies prosper and financially weak companies
falter.  This changing environment may call for managements and Boards to
husband capital by significantly reducing cash burn rates and to otherwise alter
preconceived business plans.  If managed pro-actively and intelligently, this
period could yield attractive returns for shareholders.  However, the
consequences of complacency and the potential for irreparable missteps are
great.  BVF may seek to work with company managements, Boards and shareholders
to maximize shareholder value and, specifically, to protect the substantial
value of funded, partnered programs from unnecessary dilution.  BVF IS AMENDING
ALL ITS 13-D FILINGS WITH THIS NOTICE.  

ITEM 5.   INTEREST IN SECURITIES OF THE ISSUER.

     (a)  BVF beneficially owns 700,000 shares of the Stock and 262,500
Warrants, Venture beneficially owns 300,000 shares of the Stock and 112,500
Warrants, Partners beneficially owns 1,750,000 shares of the Stock and 656,250
Warrants, and BVF Inc. beneficially owns 1,750,000 shares of the Stock and
656,250 Warrants, approximately 5.2%, 2.2%, 12.9% and 12.9%, respectively, of
the aggregate number of shares outstanding as of July 31, 1998 (as reported in
RGEN's most recent quarterly statement on Form 10-Q).  Pursuant to Rule
13d-3(d)(1)(i) under the Securities Exchange Act of 1934, the percent of class
calculated for each Reporting Person assumes the full exercise of all Warrants
beneficially owned by such Reporting Person.

     (b)   BVF shares voting and dispositive power over the 700,000 shares of
the Stock and the 262,500 Warrants it beneficially owns with Partners.  Venture
shares voting and dispositive power over the 300,000 shares of the Stock and the
112,500 Warrants it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,750,000 shares of the Stock and the
656,250 Warrants they beneficially own with, in addition to BVF and Venture, 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
c/o  BVF Partners L.P., 333 West Wacker Drive, Suite 1600, Chicago, Illinois 
60606.


<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 8 of 9 Pages
- -----------------------------                         -------------------------

     (c)  No transactions in the Securities have been effected by the Reporting
Persons since July 6, 1998.

     (d)  The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Securities 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 Securities and to vote and dispose of the Securities.  Partners is
the general partner of Venture pursuant to a limited partnership agreement which
authorizes Partners, among other things, to invest the funds of Venture in the
Securities and to vote and dispose of the Securities.  Pursuant to such limited
partnership agreements, 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
Securities and to vote and dispose of the Securities.  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


<PAGE>

- -----------------------------                         -------------------------
CUSIP NO. 759916 10 9                    13D                 Page 9 of 9 Pages
- -----------------------------                         -------------------------

     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:    September 8, 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                    
                    ---------------------------------
                    Mark N. Lampert
                    President

     BIOTECHNOLOGY VENTURE PARTNERS, L.P.

     By:  BVF Partners L.P., its general partner

          By:  BVF Inc., its general partner


               By:    /s/ Mark N. Lampert                    
                    -----------------------------------
                    Mark N. Lampert
                    President

     BVF PARTNERS L.P.

     By:  BVF Inc., its general partner


          By:    /s/ Mark N. Lampert                    
               ------------------------------------
               Mark N. Lampert
               President

     BVF INC.


     By:    /s/ Mark N. Lampert                    
          ---------------------------------
          Mark N. Lampert
          President


<PAGE>

                                      EXHIBIT A

                           AGREEMENT REGARDING JOINT FILING

     The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, Biotechnology Venture Partners, 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 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:  September 8, 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                    
                    -------------------------------
                    Mark N. Lampert
                    President

     BIOTECHNOLOGY VENTURE PARTNERS, L.P.

     By:  BVF Partners L.P., its general partner

          By:  BVF Inc., its general partner


               By:    /s/ Mark N. Lampert                    
                    ------------------------------
                    Mark N. Lampert
                    President

     BVF PARTNERS L.P.

     By:  BVF Inc., its general partner


          By:    /s/ Mark N. Lampert                    
               --------------------------------
               Mark N. Lampert
               President

     BVF INC.


     By:    /s/ Mark N. Lampert                    
          -----------------------------
          Mark N. Lampert
          President




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