<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934(1)
CORVAS INTERNATIONAL, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
221005 10 1
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(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 2, 1998
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(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 8 Pages)
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(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 ("Act") 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).
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CUSIP No. 221005 10 1 13D Page 2 of 8 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BIOTECHNOLOGY VALUE FUND, L.P.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check 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
DELAWARE
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 1,557,506
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(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 1,557,506
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,557,506
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
10.1%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 221005 10 1 13D Page 3 of 8 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BVF PARTNERS L.P.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
OO
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(5) Check 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
DELAWARE
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 3,302,743
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 3,302,743
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
3,302,743
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
21.4%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 221005 10 1 13D Page 4 of 8 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
BVF INC.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC, OO
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(5) Check 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
DELAWARE
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 3,302,743
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 3,302,743
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
3,302,743
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
21.4%
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(14) Type of Reporting Person*
IA,CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 221005 10 1 13D Page 5 of 8 Pages
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock, no par value (the "Stock"), and [Warrants] (the "Warrants," and
collectively with the Stock, the "Securities") of Corvas International, Inc., a
Delaware corporation ("Corvas"). The principal executive office of Corvas is
located at 3030 Science Park Road, San Diego, California 92121.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Statement, the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and
certain information regarding each of them, are as follows:
(a) Biotechnology Value Fund, L.P., a Delaware limited partnership
("BVF"), BVF Partners L.P., a Delaware limited partnership ("Partners"), BVF
Inc., a Delaware corporation ("BVF Inc."), and Mark N. Lampert, an individual
("Lampert") (collectively, the "Reporting Persons").
(b) The business address of BVF and Partners is 333 West Wacker Drive,
Suite 1600, Chicago, Illinois 60606. The business address of BVF Inc. and
Lampert is One Sansome Street, 39th Floor, San Francisco, California 94104.
(c) Partners is the general partner of BVF, which is an investment limited
partnership. BVF Inc. is an investment adviser to and general partner of
Partners. Lampert is the sole shareholder, sole director and an officer of BVF
Inc.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e) During the last five years, none of such persons was a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding 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.
(f) Lampert is a citizen of the United States of America.
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CUSIP No. 221005 10 1 13D Page 6 of 8 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since June 7, 1998, Partners, in its capacity as general partner of BVF,
has purchased on behalf of such limited partnership an aggregate number of
325,000 shares of the Stock for an aggregate consideration of $1,283,805.35 and
Warrants to purchase 180,000 shares of Stock for an aggregate consideration of
$90,000, 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 405,100 shares of the Stock for an aggregate consideration of $1,610,332.95
and Warrants to purchase 195,000 shares of Stock for an aggregate consideration
of $97,500, utilizing funds under management by Partners pursuant to investment
management agreements between Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Securities reported herein is
and was for investment. The Reporting Persons did not at the time of such
acquisitions of the Securities, and do not presently, have any plan to acquire
control of Corvas. The Reporting Persons may acquire or dispose of additional
Securities from time to time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 1,557,506 shares of the Stock (including shares
of Stock underlying Warrants), Partners beneficially owns 3,302,743 shares of
the Stock (including shares of Stock underlying Warrants), and BVF Inc.
beneficially owns 3,302,743 shares of the Stock (including shares of Stock
underlying Warrants), approximately 10.1%, 21.4% and 21.4%, respectively, of the
aggregate number of shares outstanding.
(b) BVF shares voting and dispositive power over the 1,557,506 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 3,302,743 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 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.
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CUSIP NO. 221005 10 1 13D Page 7 of 8 Pages
(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons during the past 60 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 60 days.
On July 2, 1998, the Reporting Persons purchased, in a private
transaction, Warrants to purchase 375,000 shares of the Stock for an
aggregate consideration of $187,500. The Warrants are exercisable until
February 2, 2002 at an exercise price of $6.00 per share.
(d) The Accounts are entitled to receive dividends and any sale
proceeds with respect to the Securities in proportion to their respective
ownership interests therein.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Partners is the general partner of BVF pursuant to a limited partnership
agreement which authorizes Partners, among other things, to invest the funds of
BVF in the Securities and to vote the Securities and dispose of the Securities.
Pursuant to such limited partnership agreement, Partners is entitled to
allocations based on assets under management and realized and unrealized gains
thereon. Pursuant to investment management agreements with the Accounts,
Partners and BVF Inc. have the authority, among other things, to invest funds of
the Accounts in the Securities and to vote the Securities and dispose of the
Securities. Pursuant to such agreements, Partners and BVF Inc. receive fees
based on assets under management and realized and unrealized gains thereon. BVF
Inc. is the general partner of Partners and may be deemed to own beneficially
securities over which Partners exercises voting and dispositive power.
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
last 60 days.
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CUSIP NO. 221005 10 1 13D Page 8 of 8 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: August 11, 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 statement
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 amendments or supplements thereto shall also be filed on
behalf of each of them.
Dated: August 11, 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 LAST 60 DAYS
<TABLE>
<CAPTION>
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Settlement By For the Quantity Price per Type of Trade Broker
Date Account of Share
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<S> <C> <C> <C> <C> <C> <C>
06/08/98 Partners BVF 5,000 $4.0938 Purchase INET
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06/08/98 Partners BVF, Ltd. 2,500 $4.0938 Purchase INET
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06/09/98 Partners BVF 1,000 $4.3125 Purchase INET
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06/11/98 Partners BVF 7,000 $4.0625 Purchase MIST
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06/11/98 Partners ILL10 2,000 $4.0625 Purchase MIST
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06/11/98 Partners PAL 1,000 $4.0625 Purchase MIST
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06/11/98 Partners BVF, Ltd. 6,000 $4.0625 Purchase MIST
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06/11/98 Partners BVF 12,000 $4.0286 Purchase INET
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06/11/98 Partners ILL10 2,000 $4.0286 Purchase INET
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06/11/98 Partners PAL 1,000 $4.0286 Purchase INET
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06/11/98 Partners ZPG 1,000 $4.0286 Purchase INET
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06/11/98 Partners BVF, Ltd. 8,000 $4.0286 Purchase INET
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06/12/98 Partners BVF 30,000 $4.0625 Purchase MIST
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06/12/98 Partners ILL10 10,000 $4.0625 Purchase MIST
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06/12/98 Partners PAL 5,000 $4.0625 Purchase MIST
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06/12/98 Partners ZPG 5,000 $4.0625 Purchase MIST
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06/12/98 Partners BVF, Ltd. 25,000 $4.0625 Purchase MIST
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06/15/98 Partners BVF 1,000 $4.0312 Purchase INET
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06/15/98 Partners BVF 47,000 $4.0938 Purchase MIST
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06/15/98 Partners ILL10 6,000 $4.0938 Purchase MIST
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06/15/98 Partners PAL 4,000 $4.0938 Purchase MIST
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06/15/98 Partners ZPG 3,000 $4.0938 Purchase MIST
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06/15/98 Partners BVF, Ltd. 40,000 $4.0938 Purchase MIST
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06/16/98 Partners BVF 60,000 $4.1250 Purchase MIST
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06/16/98 Partners ILL10 9,000 $4.1250 Purchase MIST
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06/16/98 Partners PAL 8,000 $4.1250 Purchase MIST
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06/16/98 Partners ZPG 8,000 $4.1250 Purchase MIST
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06/16/98 Partners BVF, Ltd. 50,000 $4.1250 Purchase MIST
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06/17/98 Partners ILL10 20,000 $4.2188 Purchase MIST
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</TABLE>
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<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Settlement By For the Quantity Price per Type of Trade Broker
Date Account of Share
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
06/17/98 Partners BVF, Ltd. 15,000 $4.2188 Purchase MIST
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06/19/98 Partners BVF 13,000 $4.2500 Purchase INET
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06/19/98 Partners ILL10 2,000 $4.2500 Purchase INET
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06/19/98 Partners PAL 1,200 $4.2500 Purchase INET
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06/19/98 Partners ZPG 1,000 $4.2500 Purchase INET
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06/19/98 Partners BVF, Ltd. 10,300 $4.2500 Purchase INET
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06/25/98 Partners BVF 36,500 $4.0000 Purchase PWJC
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06/25/98 Partners BVF, Ltd. 33,500 $4.0000 Purchase PWJC
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06/25/98 Partners BVF 6,500 $4.0271 Purchase INET
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06/25/98 Partners PAL 5,000 $4.0271 Purchase INET
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06/25/98 Partners ZPG 3,500 $4.0271 Purchase INET
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06/26/98 Partners BVF 15,000 $3.9843 Purchase INET
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06/26/98 Partners BVF, Ltd. 10,000 $3.9843 Purchase INET
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07/02/98 Partners BVF, Ltd. 2,500 $4.2188 Purchase INET
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07/29/98 Partners BVF 69,000 $3.5625 Purchase VECT
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07/29/98 Partners ILL10 12,000 $3.5625 Purchase VECT
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07/29/98 Partners BVF, Ltd. 69,000 $3.5625 Purchase VECT
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08/06/98 Partners BVF 22,000 $3.7174 Purchase INET
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08/06/98 Partners BVF, Ltd. 23,600 $3.7174 Purchase INET
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</TABLE>
