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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
MEDIMMUNE, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
--------------------------------------
(Title of Class of Securities)
584699-10-2
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(CUSIP Number)
DR. ANDERS HOVE
GRAFENAUWEG 4, 6301 ZUG CH/SWITZERLAND
011-41-41-724-5959
------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copy to:
Daniel L. Goelzer, Esq.
Baker & McKenzie
815 Connecticut Avenue, N.W.
Washington, D.C. 20006
November 10, 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 [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting
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beneficial ownership of five percent or less of such class.) (See Rule 13d-7.)
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.
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<PAGE> 3
CUSIP No. 5894699-10-2
- -----------------------
- --------------------------------------------------------------------------------
(1) Name of Reporting Person
Biotech Target S.A.
S.S. or I.R.S. Identification No. of Above Person
Not applicable: Foreign Corporation
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(2) Check the Appropriate Box if a Member (a) [ ]
of a Group* (b) [x]
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check box if disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
Panama
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Number of Shares (7) Sole Voting Power
Beneficially Owned 0 by Biotech Target S.A.
by Each Reporting -------------------------------------------------
Person With (8) Shared Voting Power
1,485,000 by Biotech Target
S.A.(See Item 5)
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(9) Sole Dispositive Power
0 by Biotech Target S.A.
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(10) Shared Dispositive Power
1,485,000 by Biotech Target
S.A.(See Item 5)
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,485,000 shares of common stock, par value of $.01 per share (See Item
5).
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<PAGE> 4
(12) Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
6.2%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person*
CO
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<PAGE> 5
CUSIP No.584699-10-2
- ---------------------
- --------------------------------------------------------------------------------
(1) Name of Reporting Person
BB Biotech AG
S.S. or I.R.S. Identification No. of Above Person
Not applicable: Foreign Corporation
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) [ ]
of a Group* (b) [x]
- --------------------------------------------------------------------------------
(3) SEC Use Only
- --------------------------------------------------------------------------------
(4) Source of Funds
WC
- --------------------------------------------------------------------------------
(5) Check Box is Disclosure of Legal Proceedings is required
Pursuant to Items 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
Switzerland
- --------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 0 by BB Biotech AG
by Each Reporting -------------------------------------------------
Person With (8) Shared Voting Power
1,485,000 by BB Biotech AG
(See Item 5)
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(9) Sole Dispositive Power
0 by BB Biotech AG
-------------------------------------------------
(10) Shared Dispositive Power
1,485,000 by BB Biotech AG
(See Item 5)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,485,000 shares of common stock, par value of $.01 per share (See Item 5).
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11)
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Excludes Certain Shares* [ ]
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
6.2%
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(14) Type of Reporting Person*
HC, CO
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<PAGE> 7
ITEM 1. SECURITY AND ISSUER
This statement relates to the Common Stock of MedImmune, Inc.
("MedImmune"). MedImmune's principal executive offices are located at 35 West
Watkins Mill Road, Gaithersburg, MD 20878.
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed jointly by BB Biotech AG ("BB Biotech") and
Biotech Target S.A. ("Biotech Target"). Biotech Target is a wholly-owned
subsidiary of BB Biotech.
BB Biotech is a holding company incorporated in Switzerland. BB
Biotech's business address is Vordergasse 3, 8200 Schaffhausen, CH/Switzerland.
BB Biotech invests in companies involved in the development, production, and
distribution of pharmaceuticals and other products based on biotechnology. BB
Biotech is publicly traded on the Zurich Stock Exchange.
Biotech Target is a wholly-owned subsidiary of BB Biotech
incorporated in the Republic of Panama. Biotech Target's business address is
Swiss Bank Tower, Panama 1, Republic of Panama. The principal business of
Biotech Target is to invest in companies in the biotechnology sector.
The name, business address, present principal occupation, and
citizenship of each executive officer and director of BB Biotech and Biotech
Target are set forth on Appendix A hereto, which is incorporated herein by
reference.
During the last five (5) years, neither BB Biotech nor Biotech Target,
nor to the best of their knowledge, any of their executive officers or
directors, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction as a result of
which he 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Biotech Target purchased 1,485,000 shares of common stock, $.01 par
value per share, (the "Common Stock") for an aggregate consideration of
$35,404,968.08. Biotech Target used capital to purchase the shares of
MedImmune Common Stock, which, in turn, was
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working capital supplied by BB Biotech. BB Biotech is publicly traded on the
Swiss Stock Exchange, and its shareholders are both private and institutional
investors.
ITEM 4. PURPOSE OF TRANSACTION
The shares of Common Stock are being held for investment purposes
only. However, Biotech Target may, from time to time, either increase or
decrease its holdings of the Common Stock, subject to applicable laws. Any
such decision will depend, however, on numerous factors, including, without
limitation, the market price of shares of the Common Stock, the terms and
conditions related to their purchase and sale, the prospects and profitability
of MedImmune, other business and investment alternatives of Biotech Target and
general economic and market conditions.
It is Biotech Target's general policy not to interfere with the
management of companies in which it holds portfolio investments. Neither
Biotech Target nor BB Biotech have an intention to influence or direct
MedImmune's affairs, modify its corporate structure or interfere with the
business decisions of its management. Except as set forth above, neither
Biotech Target nor BB Biotech, nor to the best knowledge of such persons, any
executive officer or director of either BB Biotech or Biotech Target, has any
plans or proposals which relate to or would result in: (a) the acquisition by
any person of additional securities of MedImmune or the disposition of
securities of MedImmune; (b) an extraordinary corporate transaction, such as a
merger, reorganization or liquidation, involving MedImmune; (c) a sale or
transfer or a material amount of assets of MedImmune; (d) any change in the
present board of directors or management of MedImmune, including any plans or
proposals to change the number or term of directors or to fill any existing
vacancies on the board; (e) any material change in the present capitalization
or dividend policy of MedImmune; (f) any other material change in MedImmune's
business or corporate structure; (g) changes in MedImmune's charter, bylaws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of MedImmune by any person; (h) causing a class of
securities of MedImmune to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an interdealer quotation system of a
registered national securities association; (i) a class of equity securities of
MedImmune to become eligible for termination of registration pursuant to
Section 12(g)(4) of the Securities Exchange Act of 1934 ("Exchange Act"); or
(j) any action similar to any of those enumerated above.
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) BB Biotech may be deemed to be the indirect beneficial owner
of the 1,485,000 shares of Common Stock held directly by Biotech Target as of
November 17, 1997, which represents approximately 6.2% of MedImmune's
outstanding shares of Common Stock. No shares of MedImmune Common Stock are
directly owned by BB Biotech. To the best knowledge of BB Biotech and Biotech
Target, no director or executive officer of BB Biotech or Biotech Target owns
any shares of MedImmune Common Stock.
(b) The number of shares of MedImmune's Common Stock to which there
is sole power to vote or to direct the vote, shared power to vote or to direct
the vote, sole power to dispose or to direct the disposition, or shared power
to dispose or direct the disposition, is set forth in the cover pages hereof
and such information is incorporated herein by reference. BB Biotech, through
its ownership of Biotech Target, may be deemed to beneficially own the shares
of MedImmune Common Stock which are held by Biotech Target within the meaning
of Regulation 13D under the Exchange Act, and may be deemed to share with
Biotech Target the power to vote, or direct the vote of, and the power to
dispose of or direct the disposition of, the aggregate 1,485,000 shares of
1,485,000 Common Stock held by Biotech Target. BB Biotech hereby expressly
declares that the filing of this statement shall not be construed as an
admission that it is, for purposes of Section 13(d) of the Exchange Act, the
beneficial owner of the shares of MedImmune's Common Stock held by Biotech
Target.
(c) Biotech Target engaged in the following transactions with
respect to the securities of MedImmune. Each of these transactions was
completed on the NASDAQ stock market.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
DATE TRANSACTION AMOUNT PRICE PER SHARE
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bought Nov. 3, 1997 40,000 $38.14
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Bought Nov. 4, 1997 25,000 $38.45
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Bought Nov. 6, 1997 40,000 $39.38
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Bought Nov. 7, 1997 37,500 $38.70
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Bought Nov. 10, 1997 50,000 $38.98
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Bought Nov. 11, 1997 115,000 $38.68
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</TABLE>
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<TABLE>
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------
Bought Nov. 12, 1997 95,000 $37.27
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Bought Nov. 13, 1997 70,000 $36.84
- ----------------------------------------------------------------------------------------------
</TABLE>
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
Neither BB Biotech nor Biotech Target nor, to the best of their
knowledge, any of the executive officers or directors of either BB Biotech or
Biotech Target, is a party to any contract, arrangement, understanding, or
relationship (legal or otherwise) with any person with respect to any
securities of MedImmune (including the shares of Common Stock), finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, divisions of profits or loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1: Translation of minutes of the October 18, 1995, Board of
Directors Meeting of Biotech Target (evidencing a power of
attorney in favor of Dr. Andreas Bremer).*
Exhibit 2: Translation of minutes of the January 3, 1997 Board of
Directors Meeting of Biotech Target (evidencing a power of
attorney in favor of Dr. Anders Hove).*
Exhibit 3: Translation of evidence of a power of attorney in favor of
Victor Bischoff and Hans-Joerg Graf on behalf of BB Biotech.**
Exhibit 4: Agreement by and between BB Biotech and Biotech Target with
respect to the filing of this disclosure statement.
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* See Powers of Attorney, attached as Exhibits 1 and 2 to the Schedule 13D
related to Alexion Pharmaceuticals, Inc. filed with the Securities and Exchange
Commission on September 18, 1997, which Exhibit is incorporated by reference
herein.
** See Power of Attorney, attached as an Exhibit 99.E to the Schedule 13D
relating to Biogen, Inc. filed with the Securities and Exchange Commission on
June 2, 1994, which Exhibit is incorporated by reference herein.
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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.
BB BIOTECH AG
Date: November 19, 1997 By: /s/ Hans-Joerg Graf
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Name: Hans-Joerg Graf
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Date: November 19, 1997 By: /s/ Dr. Victor Bischoff
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Name: Dr. Victor Bischoff
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BIOTECH TARGET, S.A.
Date: November 19, 1997 By: /s/ Dr. Andreas Bremer
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Name: Dr. Andreas Bremer
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Date: November 19, 1997 By: /s/ Dr. Anders Hove
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Name: Dr. Anders Hove
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<PAGE> 13
APPENDIX A TO ITEM 2
<TABLE>
<CAPTION>
PRESENT
NAME AND POSITION RESIDENCE OR PRINCIPAL
WITH COMPANY BUSINESS ADDRESS OCCUPATION
- ------------ ---------------- ----------
<S> <C> <C>
BB BIOTECH
Dr. Ernst Thomke Vordergasse 3, Chairman
(Swiss citizen) 8200 Schaffhausen, and Director
CH/Switzerland
Dr. Victor Bischoff Vordergasse 3, Vice-
(Swiss citizen) 8200 Schaffhausen, Chairman
CH/Switzerland and Director
Dr. David Baltimore Massachusetts Institute Professor
(U.S. citizen) of Technology and Director
Building 68, Room 380
77 Massachusetts Avenue
Cambridge, MA 02139
BIOTECH TARGET
Dr. Andreas Bremer Grafenauweg 4, Signatory
(German citizen) 6301 Zug Authority
CH/Switzerland
Dr. Anders Hove Grafenauweg 4, Signatory
(Danish citizen) 6301 Zug Authority
CH/Switzerland
Hans-Joerg Graf Grafenauweg 4, Signatory
(Swiss citizen) 6301 Zug Authority
CH/Switzerland
Pablo Javier Espino Swiss Bank Tower, President
(Panamanian citizen) Panama 1, and Director
Republic of Panama
Adelina M. de Estribi Swiss Bank Tower, Director
(Panamanian citizen) Panama 1,
Republic of Panama
</TABLE>
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EXHIBIT 4
JOINT FILING AGREEMENT
We, the undersigned, hereby express our agreement that the attached
Schedule 13D (including all amendments thereto) is filed on behalf of each of
the undersigned.
BB BIOTECH AG
Date: November 19, 1997 By: /s/ Hans-Joerg Graf
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Name: Hans-Joerg Graf
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Date: November 19, 1997 By: /s/ Dr. Victor Bischoff
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Name: Dr. Victor Bischoff
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BIOTECH TARGET, S.A.
Date: November 19, 1997 By: /s/ Dr. Andreas Bremer
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Name: Dr. Andreas Bremer
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Date: November 19, 1997 By: /s/ Dr. Anders Hove
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Name: Dr. Anders Hove
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