<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)(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)
MARCH 17, 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 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>
CUSIP No. 64124 E 106 13D Page 2 of 7 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BIOTECHNOLOGY VALUE FUND, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
795,920
--------------------------------------------------
(9) Sole Dispositive Power
0
--------------------------------------------------
(10) Shared Dispositive Power
795,920
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
795,920
- -------------------------------------------------------------------------------
(12) Check 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*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64124 E 106 13D Page 3 of 7 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BVF PARTNERS L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
00
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
1,634,306
--------------------------------------------------
(9) Sole Dispositive Power
0
--------------------------------------------------
(10) Shared Dispositive Power
1,634,306
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,634,306
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
11.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64124 E 106 13D Page 4 of 7 Pages
----------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BVF INC.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC,OO
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
1,634,306
--------------------------------------------------
(9) Sole Dispositive Power
0
--------------------------------------------------
(10) Shared Dispositive Power
1,634,306
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,634,306
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
11.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA, CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 64124 E 106 13D Page 5 of 7 Pages
----------- --- ---
This Amendment No. 4 (this "Amendment") relates to the Statement on
Schedule 13D, dated March 18, 1997, as amended by Amendment No. 3, dated
December 24, 1997, Amendment No. 2 dated August 28, 1997 and 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 January 17, 1998, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number
of 42,200 shares of the Stock for an aggregate consideration of $678,000.60,
utilizing funds provided by BVF 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 158,300 shares of the Stock for an aggregate
consideration of $2,467,542.55, utilizing funds under management by Partners
pursuant to an investment management agreement between Partners and such
managed accounts.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 795,920 shares of the Stock, Partners
beneficially owns 1,634,306 shares of the Stock, and BVF Inc. beneficially
owns 1,634,306 shares of the Stock, approximately 5.5%, 11.4% and 11.4%,
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 795,920 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,634,306 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
<PAGE>
CUSIP No. 64124 E 106 13D Page 6 of 7 Pages
----------- --- ---
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 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>
CUSIP No. 64124 E 106 13D Page 7 of 7 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: March 30, 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
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: March 30, 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
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>
Settlement By For the Quantity Price per Type of Trade Broker
- ---------- -- ------- -------- --------- ------------- ------
Date Account of Share
---- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
02/13/98 Partners BVF, Ltd. 1,000 $15.8125 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/09/98 Partners BVF, Ltd. 12,000 $15.3750 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/10/98 Partners BVF 2,000 $15.1553 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/10/98 Partners BVF, Ltd. 2,000 $15.1553 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/11/98 Partners BVF, Ltd. 8,000 $15.1875 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/11/98 Partners BVF, Ltd. 5,000 $15.3750 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/12/98 Partners BVF 1,000 $15.5000 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/12/98 Partners BVF, Ltd. 3,000 $15.5000 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/13/98 Partners BVF, Ltd. 8,000 $15.2109 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/16/98 Partners BVF, Ltd. 42,200 $15.3125 Purchase INET
- ---------------------------------------------------------------------------------------------------------
03/16/98 Partners BVF, Ltd. 15,000 $15.6250 Purchase GROW
- ---------------------------------------------------------------------------------------------------------
03/16/98 Partners BVF, Ltd. 25,000 $15.6250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/17/98 Partners BVF 39,200 $16.1250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/17/98 Partners ILL10 4,600 $16.1250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/17/98 Partners PAL 3,000 $16.1250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/17/98 Partners ZPG 2,200 $16.1250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/17/98 Partners BVF, Ltd. 26,000 $16.1250 Purchase SBSH
- ---------------------------------------------------------------------------------------------------------
03/20/98 Partners BVF, Ltd. 1,300 $15.6875 Purchase INET
- ---------------------------------------------------------------------------------------------------------
</TABLE>
INET = Instinet
GROW = Pacific Growth, Inc.
SBSH = Smith Barney
