<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
AND
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PAINEWEBBER R&D PARTNERS II, L.P.
(Name of subject company)
BIOROYALTIES, 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)
695922 20 3
(CUSIP Number)
---------------
PABLO LEGORRETA, DAVE MADDEN
BIOROYALTIES, 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>
- - --------------------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - --------------------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BioRoyalties, L.L.C.
13-3960670
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
OO
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pharmaceutical Royalties, L.L.C.
13-3890111
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
OO
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pharmaceutical Royalty Investments, Ltd.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
OO
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pharmaceutical Partners, L.L.C.
13-3826345
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
OO
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stephen Evans-Freke
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
IN
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pablo Legorreta
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Mexico
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
IN
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David Madden
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
IN
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------
CUSIP NO. 695922-20-3
- - ---------------------------------------------------------------------
<TABLE>
<C> <S>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rory Riggs
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
</TABLE>
<TABLE>
<C> <C> <S>
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
820 1/2
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
820 1/2
</TABLE>
<TABLE>
<C> <S>
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
820 1/2
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
14 TYPE OF REPORTING PERSON
IN
</TABLE>
<PAGE>
This Final Amendment amends and supplements the Tender Offer
Statement, as amended, on Schedule 14D-1, as amended, filed by BioRoyalties,
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., a Delaware
limited liability company and the sole member of the Purchaser,
relating to the offer by Purchaser to purchase outstanding Units of
Limited Partnership Interest (the "Units"), of PaineWebber R&D Partners II,
L.P. (the "Partnership"), a Delaware limited partnership, at $3,650 per Unit,
net to the seller in cash, on the terms and subject to the conditions set
forth in the Offer to Purchase, dated August 15, 1997 (the "Offer to
Purchase"), and in the related Letter of Transmittal and any amendments or
supplements thereto, copies of which are attached hereto as Exhibits (a)(1),
(a)(2) and (a)(7), respectively (which collectively constitute the "Offer").
The Offer expired at 12:00 Midnight (Eastern Standard Time) on October
7, 1997.
Pursuant to the Offer, the Purchaser accepted for payment and paid for
820 1/2 Units. An additional 89.5 units were tendered in the Offer; however,
the purchase of such Units is subject to final documentation and, as of the
date hereof, the Purchaser has not acquired such Units.
This Final Amendment to the Schedule 14D-1 also constitutes a statement
on Schedule 13D filed by the Purchaser, the Funds, Stephen Evans-Freke, Pablo
Legorreta, David Madden and Rory Riggs (collectively, the "Reporting
Persons") with respect to the acquisition by the Reporting Persons of
beneficial ownership of 820 1/2 Units. The item numbers and responses of the
Tender Offer Statement, as amended, on Schedule 14D-1, as amended (including
the Final Amendment as of the date hereof), are hereby incorporated by
reference into this Schedule 13D. Accordingly, the item numbers and responses
in this Schedule 13D are in conjunction with the requirements of
Schedule 14D-1.
Item 11. MATERIAL TO BE FILED AS EXHIBITS
Item 11 is hereby amended as follows:
(a)(10) Agreement dated November 17, 1997 by and among the
Reporting Persons
<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: November 17, 1997 BIOROYALTIES, L.L.C.
By: /s/ David Madden
-------------------------------------
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
---------------------------------
/s/ Stephen Evans-Freke
----------------------------------------
Stephen Evans-Freke
/s/ Pablo Legorreta
----------------------------------------
Pablo Legorreta
/s/ David Madden
----------------------------------------
David Madden
/s/ Rory Riggs
----------------------------------------
Rory Riggs
2
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- - ------- -----------
(a)(10) Agreement dated November 17, 1997 by and among the Reporting
Persons.
<PAGE>
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Act of 1934, the
undersigned hereby agree that only one statement containing the information
required by Schedule 13D needs to be filed with respect to the ownership by
each of the undersigned of Units of Limited Partnership Interest of
PaineWebber R&D Partners II, L.P.
Dated: November 17, 1997
BIOROYALTIES, L.L.C.
By: /s/ David Madden
---------------------------
Name: David Madden
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
PHARMACEUTICAL ROYALTIES, L.L.C.
By: /s/ Pablo Legorreta
---------------------------
Name: Pablo Legorreta
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
PHARMACEUTICAL ROYALTY INVESTMENTS LTD.
By: /s/ Pablo Legorreta
---------------------------
Name: Pablo Legorreta
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
PHARMACEUTICAL PARTNERS, L.L.C.
By: /s/ Pablo Legorreta
---------------------------
Name: Pablo Legorreta
Title: Managing Member
/s/ Stephen Evans-Freke
------------------------
Name: Stephen Evans-Freke
/s/ Pablo Legorreta
------------------------
Name: Pablo Legorreta
/s/ David Madden
------------------------
Name: David Madden
/s/ Rory Riggs
------------------------
Name: Rory Riggs
