<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 3) (1)
SYNAPTIC PHARMACEUTICAL CORPORATION
-----------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
87156 R 109
--------------
(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)
May 5, 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. 87156R 10 9 13D Page 2 of 7 Pages
----------- ---- ----
- -------------------------------------------------------------------------------
1 NAME 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 OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES
BENEFICIALLY -------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 549,117
PERSON
WITH -------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------
10 SHARED DISPOSITIVE POWER
549,117
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
549,117
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.1%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 87156R 10 9 13D Page 3 of 7 Pages
----------- ---- ----
- -------------------------------------------------------------------------------
1 NAME 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 OF A GROUP*
(a) /X/ (b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES
BENEFICIALLY -------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 1,153,917
PERSON
WITH -------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------
10 SHARED DISPOSITIVE POWER
1,153,917
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,153,917
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
10.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 87156R 10 9 13D Page 4 of 7 Pages
----------- ---- ----
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
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 PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES
BENEFICIALLY -------------------------------------------
OWNED BY 8 SHARED VOTING POWER
REPORTING 1,153,917
PERSON
WITH -------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------
10 SHARED DISPOSITIVE POWER
1,153,917
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,153,917
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
10.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 87156R 10 9 13D Page 5 of 7 Pages
----------- ---- ----
This Amendment No. 3 (this "Amendment") relates to the Statement on
Schedule 13D dated March 19, 1997, as amended by Amendment No. 1 dated July
9, 1997, and by Amendment No. 2 dated January 26, 1998 (as so amended, the
"Statement"), filed with the Securities and Exchange Commission on behalf of
BVF Partners L.P., a Delaware limited partnership ("Partners"), Biotechnology
Value Fund, L.P., a Delaware limited partnership ("BVF") 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 $0.01 per
share (the "Stock"), of Synaptic Pharmaceutical Corporation, a Delaware
corporation ("Synaptic").
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since March 23, 1998, Partners, in its capacity as general partner of
BVF, has acquired on behalf of such limited partnership an aggregate number
of 33,525 shares of the Stock for an aggregate consideration of $406,090.75,
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 acquired on behalf of such managed accounts an
aggregate number of 100,000 shares of the Stock for an aggregate
consideration of $1,195,617.50, utilizing funds under management by Partners
pursuant to investment manager agreements between Partners and such managed
accounts and has disposed of 1,800 shares of the Stock for an aggregate
consideration of $22,107.76.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 549,117 shares of the Stock, Partners
beneficially owns 1,153,917 shares of the Stock and BVF Inc. beneficially
owns 1,153,917 shares of the Stock, approximately 5.1%, 10.8% and 10.8%,
respectively, of the aggregate number of shares outstanding as of May 5, 1998
(as reported in Synaptic's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 549,117 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,153,917 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
<PAGE>
CUSIP NO. 87156R 10 9 13D Page 6 of 7 Pages
----------- ---- ----
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 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.
(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. 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. 87156R 10 9 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 Amendment is true, complete
and correct.
Dated: May 15, 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, 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: May 15, 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>
Settlement Date By For the Quantity Price per Type of
Account of Share Trade Broker
--------------- -------- ------------ -------- --------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
03/23/98 Partners BVF Ltd. 15,000 $11.9375 Purchase MLCO
03/27/98 Partners ILL10 (1,800) $12.3125 Sale INET
04/17/98 Partners BVF Ltd. 18,000 $11.3125 Purchase INET
04/20/98 Partners BVF 500 $11.3125 Purchase INET
05/05/98 Partners BVF 33,000 $12.1250 Purchase VECT
05/05/98 Partners PAL 5,000 $12.1250 Purchase VECT
05/05/98 Partners BVF Ltd. 62,000 $12.1250 Purchase VECT
05/13/98 Partners BVF 25 $11.7500 Purchase INET
</TABLE>
INET = Instinet
MLCO = Merrill Lynch & Co.
VECT = Vector Securities
