<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
SCHEDULE 13D/A
(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. 3 )(1)
PaineWebber R&D Partners II, L.P.
- --------------------------------------------------------------------------------
(Name of Issuer)
Units of Limited Partnership Interest
- --------------------------------------------------------------------------------
(Title of Class of Securities)
695922 20 3
- --------------------------------------------------------------------------------
(CUSIP Number)
Pablo Legorreta and David Madden (800) 600-1450
c/o Pharmaceutical Partners, L.L.C., 675 Third Avenue,
Suite 3000, New York, NY 10017
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
With Copies to:
F. George Davitt, Esq. (617) 248-7000
- --------------------------------------------------------------------------------
c/o Testa, Hurwitz & Thibeault, LLP, 125 High Street, Boston, MA 02110
May 24, 1999
- --------------------------------------------------------------------------------
(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(e), 13d-1(f) or 13d-1(g), check the
following box .
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7(b) for other
parties to whom copies are to be sent.
- --------
(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>
-2-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pharmaceutical Royalties, L.L.C.
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 452
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
452
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
452
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- ---------- ---------------------------------------------------------------------
<PAGE>
-3-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1839
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
1839
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1839
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.3%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- ---------- ---------------------------------------------------------------------
<PAGE>
-4-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bioventure Investments, kft
- ---------- ---------------------------------------------------------------------
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
Hungary
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1839
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
1839
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1839
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.3%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- ---------- ---------------------------------------------------------------------
<PAGE>
-5-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pharmaceutical Partners, L.L.C.
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2291
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
2291
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2291
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- ---------- ---------------------------------------------------------------------
<PAGE>
-6-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2291
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
2291
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2291
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------- ---------------------------------------------------------------------
<PAGE>
-7-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2291
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
2291
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2291
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------- ---------------------------------------------------------------------
<PAGE>
-8-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2291
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
2291
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2291
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------- ---------------------------------------------------------------------
<PAGE>
-9-
- --------------------------
CUSIP NO. 695922 20 3
- --------------------------
- ---------- ---------------------------------------------------------------------
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
- ---------------------------- -------- ------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -------- ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2291
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
-------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
2291
- ---------- ---------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2291
- ---------- ---------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN / /
SHARES
- ---------- ---------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.8%
- ---------- ---------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ---------- ---------------------------------------------------------------------
<PAGE>
-10-
This Amendment (the "Amendment") is Amendment No. 3 to the Schedule 13D
(the "Original Schedule 13D") as filed on November 17, 1997 with the Securities
and Exchange Commission (the "SEC"), as amended by Amendment No. 1 ("Amendment
No. 1") as filed on February 23, 1999 with the SEC and Amendment No. 2
("Amendment No. 2, the Original Schedule 13D as amended by Amendment No. 1 and
Amendment No. 2 being hereinafter referred to as the "Amended Original 13D") as
filed on March 10, 1999 with the SEC on behalf of BioRoyalties, L.L.C.
("BioRoyalties"), Pharmaceutical Royalties, L.L.C. ("PRLLC"), Pharmaceutical
Royalty Investments, Ltd. ("PRI"), Bioventure Investments, kft ("Bioventure"),
Pharmaceutical Partners, L.L.C. ("PPLLC"), Stephen Evans-Freke, Pablo Legorreta,
David Madden and Rory Riggs relating to beneficial ownership of outstanding
units of limited partnership interest (the "Units") of PaineWebber R&D Partners
II, L.P. (the "Partnership"). Amendment No. 1 constituted the final amendment to
the Original Schedule 13D filed on behalf of BioRoyalties. PRLLC, PRI,
Bioventure, PPLLC and Messrs. Evans-Freke, Legorreta, Madden and Riggs are
herein collectively referred to as the "Reporting Persons." Unless otherwise
noted, the information contained in this Amendment amends and supplements the
information previously disclosed in the Amended Original 13D.
On March 3, 1999, PharmaInvest, L.L.C. ("PharmaInvest"), on behalf of
PRLLC and PRI, filed with the SEC a Tender Offer Statement on Schedule 14D-1
(the "1999 Offer") to acquire up to 3,000 Units of the Partnership. The 1999
Offer expired at 12:00 Midnight (Eastern Standard Time), on March 31, 1999. This
Amendment No. 3 reflects the transfer of an additional 763.5 Units of the
Partnership to the Reporting Persons pursuant to the 1999 Offer. This Amendment
No. 3 also reflects an accounting reconciliation of an additional 10.5 Units to
conform the records of the Reporting Persons to those of the Partnership.
As used herein, the 1997 Offer shall also mean the Offer as used in the
Amended Original 13D.
ITEM 4. PURPOSE OF THE TRANSACTION.
The information contained in this Item 4 amends and supplements the information
previously disclosed in the Amended Original 13D.
On April 5, 1999, PharmaInvest issued the Press Release attached hereto as
Exhibit 3. The information set forth in the Press Release is incorporated herein
by reference.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
The information contained in this Item 5 amends and restates, in its entirety,
the information previously disclosed in the Amended Original 13D.
(a) PRLLC beneficially owns 452 Units (5.5%) of the outstanding Units and
disclaims beneficial ownership of all other Units held by all other
Reporting Persons as contemplated herein.
Bioventure beneficially owns 1,839 Units (22.3%) of the outstanding
Units and disclaims beneficial ownership of all other Units held by all
other Reporting Persons as contemplated herein.
<PAGE>
-11-
PRI, as an indirect owner of Bioventure, may be deemed to beneficially
own 1,839 Units (22.3%) of the outstanding Units and hereby disclaims
beneficial ownership of the 1,839 Units and all other Units beneficially
owned by all other Reporting Persons as contemplated herein.
PPLLC is the sole manager of PRLLC and, by contract, the manager of
Bioventure and may be deemed to own beneficially 2,291 Units (27.8%) of
the outstanding Units. PPLLC disclaims beneficial ownership of such
Units.
Each of Messrs. Evans-Freke, Legorreta, Madden and Riggs are managing
members of PPLLC and may be deemed to own beneficially 2,291 Units
(27.8%) of the outstanding Units. Each of Messrs. Evans-Freke,
Legorreta, Madden and Riggs disclaims beneficial ownership of such Units
except to the extent of his indirect pecuniary interest.
(b) Number of Units as to which each person has
(i) Sole power to vote or direct the vote:
0 Units for each Reporting Person.
(ii) Shares power to vote or direct the vote:
452 Units for PRLLC;
1,839 Units for each of Bioventure and PRI; and
2,291 Units for each of PPLLC and Messrs. Evans-Freke,
Legorreta, Madden and Riggs.
(iii) Sole power to dispose or to direct the disposition:
0 Units for each Reporting Person.
(iv) Shared power to dispose or to direct this disposition:
452 Units for PRLLC;
1,839 Units for each of Bioventure and PRI; and
2,291 Units for each of PPLLC and Messrs. Evans-Freke,
Legorreta, Madden and Riggs.
(c) Pursuant to the 1997 Offer for the Units which was open from August 15,
1997 through October 7, 1997, BioRoyalties (on behalf of PRLLC and PRI),
PRLLC, PRI, PPLLC, and Messrs. Evans-Freke, Legorreta, Madden and Riggs
each became the beneficial owner of 849 Units. The price per Unit in the
1997 Offer was $3,650.
<PAGE>
-12-
From October 8, 1997 through October 1, 1998, the Reporting Persons
entered into 26 privately negotiated transactions pursuant to which the
Reporting Persons acquired beneficial ownership of an additional 54
Units at prices per Unit ranging from $790 to $3,502.
Between January 8, 1999 and March 3, 1999, the Reporting Persons were
notified of the approval of the transfer of an additional 614 Units,
effective January 1, 1999. The information set forth in Section 9 of the
1999 Offer to Purchase is incorporated herein by reference.
Pursuant to the 1999 Offer for the Units which was open from March 3,
1999 through March 31, 1999, a total of 763.5 Units were tendered to
PharmaInvest (on behalf of PRLLC and PRI). The price per Unit in the
1999 Offer was $6,000. On May 6, 1999, the Reporting Persons were
notified of the approval of the transfer of 648.0 Units to Bioventure
and the transfer of 86.5 Units to PRLLC, and on May 24, 1999, the
Reporting Persons were notified of the approval of the transfer of 2.5
Units to Bioventure and the transfer of 26.5 Units to PRLLC. All
transfers of Units pursuant to the 1999 Offer are effective
April 1, 1999.
Throughout the periods described in this Item 5(c), the Reporting
Persons have made various transfers of the Units amongst their own
affiliated entities so that ownership of the Units is as stated in Items
5(a) and 5(b) of this Amendment.
(d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or any proceeds from the sale of,
the Units beneficially owned by any of the Reporting Persons.
(e) As of December 31, 1997, BioRoyalties ceased to be the beneficial owner
of more than 5% of the outstanding Units.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 3 Press Release dated April 5, 1999
<PAGE>
-13-
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: May 31, 1999
PHARMACEUTICAL ROYALTIES, L.L.C.
By: /s/ David Madden
----------------------------------
Name: David Madden
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
PHARMACEUTICAL ROYALTY INVESTMENTS LTD.
By: /s/ David Madden
----------------------------------
Name: David Madden
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
BIOVENTURE INVESTMENTS, Kft
By: /s/ David Madden
----------------------------------
Name: David Madden
Title: Managing Member of Pharmaceutical
Partners, L.L.C., the Manager
PHARMACEUTICAL PARTNERS, L.L.C.
By: /s/ David Madden
----------------------------------
Name: David Madden
Title: Managing Member
/s/ Stephen Evans-Freke
---------------------------------------
Name: Stephen Evans-Freke
/s/ Pablo Legorreta
---------------------------------------
Name: Pablo Legorreta
<PAGE>
-14-
/s/ David Madden
---------------------------------------
Name: David Madden
/s/ Rory Riggs
---------------------------------------
Name: Rory Riggs
<PAGE>
Exhibit 3
TENDER OFFER OF PHARMAINVEST, L.L.C. EXPIRES
NEW YORK, NY (Business Wire) - Apr. 5, 1999 - The tender offer of
PharmaInvest, L.L.C. to purchase up to 3,000 of the outstanding units of limited
partnership interest (the "Units") of PaineWebber R&D Partners II, L.P. for
$6,000 per Unit expired at 12:00 Midnight, (Eastern Standard Time), on March 31,
1999. At the time of expiration, 700.5 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 or PharmaInvest, L.L.C., the Purchaser.
CONTACT: MacKenzie Partners, Inc.
Larry Dennedy
Bob Marese
(800) 322-2885
PharmaInvest, L.L.C.
Mike Herman
(800) 600-1450
