<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
SCHEDULE 13D
(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. 2)(1)
CORVAS INTERNATIONAL, INC.
------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
22100 5 101
--------------
(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)
April 8, 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>
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CUSIP NO. 22100 5 101 13D Page 2 of 7 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BIOTECHNOLOGY VALUE FUND, L.P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (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
-0-
-------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 934,606
BENEFICIALLY -------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH -0-
REPORTING -------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
934,606
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
934,606
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22100 5 101 13D Page 3 of 7 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF PARTNERS L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
-0-
NUMBER OF -------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,928,143
OWNED BY -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON WITH -------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,928,143
-------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,928,143
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22100 5 101 13D Page 4 of 7 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BVF INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
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
-0-
--------------------------------------------------------------
NUMBER OF
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,928,143
OWNED BY --------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
PERSON WITH --------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,928,143
--------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,928,143
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 22100 5 101 13D Page 5 of 7 Pages
- -------------------------------------------------------------------------------
This Amendment No. 2 (the "Amendment") to the Statement on Schedule 13D,
dated April 24, 1997, as amended by Amendment No. 1, dated October 17, 1997
(as so amended, the "Statement"), is being 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, no par value (the "Stock"), of Corvas International, Inc.,
a Delaware corporation ("Corvas").
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since February 8, 1998, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number
of 248,579 shares of the Stock for an aggregate consideration of
$1,110,278.50, 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 389,308 shares of the Stock for an aggregate
consideration of $1,727,254.25, utilizing funds under management by Partners
pursuant to investment management agreements 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 934,606 shares of the Stock, Partners
beneficially owns 1,928,143 shares of the Stock, and BVF Inc. beneficially
owns 1,928,143 shares of the Stock, approximately 6.7%, 13.8% and 13.8%,
respectively, of the aggregate number of shares outstanding as of March 18,
1998 (as reported in Corvas' annual statement on Form 10-K).
(b) BVF shares voting and dispositive power over the 934,606 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,928,143 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
<PAGE>
CUSIP NO. 22100 5 101 13D Page 6 of 7 Pages
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
last 60 days.
<PAGE>
CUSIP NO. 22100 5 101 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: April 10, 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: April 10, 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 FOR THE PRICE PER
DATE BY ACCOUNT OF QUANTITY SHARE TYPE OF TRADE BROKER
- ---------- -------- ---------- -------- --------- ------------- -------
<S> <C> <C> <C> <C> <C> <C>
02/11/98 Partners BVF Ltd. 1,000 $3.5000 Purchase INET
02/20/98 Partners BVF Ltd. 1,000 $3.8750 Purchase INET
02/25/98 Partners BVF Ltd. 6,308 $3.8125 Purchase MIST
02/27/98 Partners BVF 2,700 $3.8125 Purchase MIST
03/02/98 Partners BVF Ltd. 2,500 $3.8125 Purchase MIST
03/04/98 Partners BVF Ltd. 2,000 $3.8750 Purchase MIST
03/05/98 Partners BVF Ltd. 3,000 $3.9375 Purchase INET
03/06/98 Partners BVF Ltd. 5,000 $3.8750 Purchase INET
03/18/98 Partners BVF 2,179 $4.0000 Purchase MIST
03/19/98 Partners BVF Ltd. 8,000 $4.1250 Purchase MIST
03/20/98 Partners BVF 9,000 $4.0625 Purchase MIST
03/20/98 Partners BVF Ltd. 4,500 $4.0625 Purchase MIST
03/23/98 Partners BVF 3,300 $4.0625 Purchase MIST
03/23/98 Partners BVF Ltd. 10,000 $3.8750 Purchase PWJC
04/08/98 Partners BVF 231,400 $4.5000 Purchase PWJC
04/08/98 Partners ILL10 30,000 $4.5000 Purchase PWJC
04/08/98 Partners PAL 20,000 $4.5000 Purchase PWJC
04/08/98 Partners ZPG 16,000 $4.5000 Purchase PWJC
04/08/98 Partners BVF Ltd. 280,000 $4.5000 Purchase PWJC
</TABLE>
MIST = Mister Stock
INET = Instinet
PWJC = Paine Webber
