<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13D-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)/1/
NEUROGEN CORPORATION
--------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
64124 E 106
-----------
(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 17, 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 7 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>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 2 OF 7 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BIOTECHNOLOGY VALUE FUND, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 755,620
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
755,620
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
755,620
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 3 OF 7 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BVF PARTNERS, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,437,306
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,437,306
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,437,306
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 4 OF 7 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BVF INC.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC,OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,437,306
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING -0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,437,306
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,437,306
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA,CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 5 OF 7 PAGES
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This Amendment No. 2 (this "Amendment") relates to the Statement on
Schedule 13D, dated March 18, 1997, as amended by Amendment No. 1, dated April
16, 1997 (as so amended, the "Statement"), filed with the Securities and
Exchange Commission on behalf of Biotechnology Value Fund, L.P., a Delaware
limited partnership ("BVF"), BVF Partners L.P., a Delaware limited partnership
("Partners"), and BVF Inc., a Delaware corporation ("BVF Inc." and, together
with BVF and Partners, the "Reporting Persons") with respect to the Common
Stock, par value $.025 per share (the "Stock"), of Neurogen Corporation
("Neurogen"). The principal executive office of Neurogen is located at 35
Northeast Industrial Road, Branford, CT 06405.
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 8, 1997, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number of
111,900 shares of the Stock for an aggregate consideration of $1,583,647,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners and sold 7,800 shares for an
aggregate consideraton of $158,841. 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 102,000 shares of the
Stock for an aggregate consideration of $1,414,775, utilizing funds under
management by Partners pursuant to an investment management agreement between
Partners and such managed accounts and sold 7,000 shares for an aggregate
consideration of $142,535.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 755,620 shares of the Stock, Partners
beneficially owns 1,437,306 shares of the Stock, and BVF Inc. beneficially owns
1,437,306 shares of the Stock, approximately 5.3%, 9.99% and 9.99%,
respectively, of the 14,390,786 shares outstanding as of November 13, 1997 (as
reported in Neurogen's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 755,620 shares of the
Stock it beneficially owns with Partners. Partners and BVF Inc. share voting
and dispositive power over the 1,437,306 shares of the Stock they beneficially
own with, in addition to BVF, 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
<PAGE>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 6 OF 7 PAGES
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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 Stock by the Reporting Persons during the past sixty days. All such
transactions were made for cash in open market, over-the-counter transactions.
No other transactions in the Stock have been effected by the Reporting Persons
during the past sixty days.
(d) The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Stock in proportion to their respective ownership interests
therein.
Item 7 is hereby amended to read in its entirety as follows:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
Exhibit B - Transactions in the Stock by the Reporting Persons during the
past sixty days.
<PAGE>
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CUSIP NO. 64124 E 106 SCHEDULE 13D PAGE 7 OF 7 PAGES
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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: December 24, 1997
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
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, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the Amendment
containing 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 further amendments or supplements thereto shall also be
filed on behalf of each of them.
Dated: December 24, 1997
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
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
--------------------------------------------------
DURING THE PAST SIXTY DAYS
--------------------------
<TABLE>
<CAPTION>
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Price
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Settlement For the per
- ---------- ------- ---
Date By Account of Quantity Share Type of Trade Broker
- ---------- ----------- ----------- --------- -------- ------------- ------
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
12/08/97 Partners BVF 2,900 $19.9591 Purchase INET
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12/12/97 Partners BVF (7,800) $20.3750 Sale INET
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12/12/97 Partners ZPG (7,000) $20.3750 Sale INET
- ---------------------------------------------------------------------------------------
12/12/97 Partners BVF 15,000 $13.5000 Purchase SBSH
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12/12/97 Partners BVF, Ltd. 35,000 $13.5000 Purchase SBSH
- ---------------------------------------------------------------------------------------
12/17/97 Partners BVF 75,000 $14.1250 Purchase GROW
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12/17/97 Partners BVF, Ltd. 50,000 $14.1250 Purchase GROW
- ---------------------------------------------------------------------------------------
12/18/97 Partners BVF 16,000 $13.8750 Purchase SBSH
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12/18/97 Partners ILL10 2,000 $13.8750 Purchase SBSH
- ---------------------------------------------------------------------------------------
12/18/97 Partners PAL 1,000 $13.8750 Purchase SBSH
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12/18/97 Partners ZPG 1,000 $13.8750 Purchase SBSH
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12/18/97 Partners BVF, Ltd. 10,000 $13.8750 Purchase SBSH
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12/18/97 Partners BVF 3,000 $13.8854 Purchase INET
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12/18/97 Partners BVF, Ltd. 3,000 $13.8854 Purchase INET
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</TABLE>
INET = Instinet
SBSH = Smith Barney
GROW = Pacific Growth Inc.
