<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)(1)
REPLIGEN CORPORATION
--------------------
(Name of Issuer)
COMMON STOCK
------------
(Title of Class of Securities)
759916 10 9
--------------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
---------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
DECEMBER 31, 1997
---------------
(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
5.3%
- -------------------------------------------------------------------------------
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
2.3%
- -------------------------------------------------------------------------------
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
OWNED BY EACH --------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------------------
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.
<PAGE>
- -------------------------------------------------------------------------------
CUSIP NO. 759916 10 9 13D Page 7 of 9 Pages
- -------------------------------------------------------------------------------
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 30, 1997, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number
of 700,000 shares of the Stock and 262,500 Warrants for an aggregate
consideration of $700,000, utilizing funds provided by BVF from its working
capital
pursuant to the terms of its limited partnership agreement with Partners.
Since December 30, 1997, Partners, in its capacity as general partner of
Venture, has purchased on behalf of such limited partnership an aggregate
number of 300,000 shares of the Stock and 112,500 Warrants for an aggregate
consideration of $300,000, utilizing funds provided by Venture from its
working capital pursuant to the terms of its limited partnership agreement
with Partners. 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 750,000 shares of the Stock and
281,250 Warrants for an aggregate consideration of $750,000, 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 of the Securities reported herein
is and was for investment. The Reporting Persons did not at the time of such
acquisitions of the Securities, and do not presently, have any plan to
acquire control of RGEN. The Reporting Persons may acquire or dispose of
additional Securities from time to time.
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 5.3%, 2.3%, 12.9% and 12.9%,
respectively, of the aggregate number of shares outstanding as of January 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
<PAGE>
- -------------------------------------------------------------------------------
CUSIP NO. 759916 10 9 13D Page 7 of 9 Pages
- -------------------------------------------------------------------------------
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.
(c) Exhibit B attached hereto contains information as to all
transactions in the Securities by the Reporting Persons during the past 60
days. All such transactions were made for cash in
private placements of Securities by RGEN, as reported in RGEN's Current Report
on Form 8-K dated January 2, 1998. No other transactions in the Securities have
been effected by the Reporting Persons during the past 60 days.
(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
Exhibit B - Transactions in the Stock by the Reporting Persons since
December 31, 1997.
<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: May 22, 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: May 22, 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 B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
--------------------------------------------------
SINCE DECEMBER 31, 1997
-----------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Settlement For the Number of Number of Price per Share Type of
Date By Account of Shares of Stock Warrants (Warrants) Trade Broker
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/97 Partners BVF 700,000 $0.9398 Purchase NB
12/31/97 Partners BVF 262,250 $0.0602 Purchase NB
12/31/97 Partners BVF Ltd. 500,000 $0.9398 Purchase NB
12/31/97 Partners BVF Ltd. 187,500 $0.0602 Purchase NB
12/31/97 Partners Venture 300,000 $0.9398 Purchase NB
12/31/97 Partners Venture 112,500 $0.0602 Purchase NB
12/31/97 Partners ILL10 250,000 $0.9398 Purchase NB
12/31/97 Partners ILL10 93,750 $0.0602 Purchase NB
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
NB -- No Broker
