<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934 (1)
CELLEGY PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
15115 L 103
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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)
December 16, 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 .
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 6 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).
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CUSIP No. 15115 L 103 13D Page 2 of 6 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 222,260
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 222,260
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
222,260
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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)
2.9%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 15115 L 103 13D Page 3 of 6 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*
00
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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 362,560
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 362,560
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
362,560
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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)
4.8%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 15115 L 103 13D Page 4 of 6 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,00
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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 372,560
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 372,560
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
372,560
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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)
4.9%
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(14) Type of Reporting Person*
IA, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 15115 L 103 13D Page 5 of 6 Pages
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This Amendment No. 1 (this "Amendment") relates to the Statement on
Schedule 13D, dated October 30, 1996 (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, no par value (the "Stock"), of Cellegy
Pharmaceuticals, Inc. ("Cellegy"). The principal executive office of Cellegy is
located at 1065 Hillsdale Boulevard, Suite 418, Foster City, CA 94404.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since October 16, 1997, Partners, in its capacity as general partner of
BVF, has sold on behalf of such limited partnership an aggregate number of
38,800 shares of the Stock for an aggregate consideration of $307,517.23. In
addition, Partners, in its capacity as investment manager with respect to
certain managed accounts, has sold on behalf of such managed accounts an
aggregate number of 18,200 shares of the Stock for an aggregate consideration
of $145,595.14.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 222,260 shares of the Stock, Partners
beneficially owns 372,560 shares of the Stock, and BVF Inc. beneficially owns
372,560 shares of the Stock, approximately 2.9%, 4.9% and 4.9%, respectively, of
the aggregate number of shares outstanding as reported in the most recent
Form 10-Q.
(b) BVF shares voting and dispositive power over the 222,260 shares of the
Stock it beneficially owns with Partners. Partners and BVF Inc. share voting
and dispositive power over the 372,560 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") and Biotechnology Value Fund, Ltd., a Cayman Islands
Corporation ("BVF Ltd."). ILL10 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 for the 60 day period prior to the date
of the event requiring filing and on which date the Reporting Persons ceased
being the beneficial owners of more than five percent of the Stock.
(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.
(e) On December 16, 1997, the Reporting Persons ceased being the
beneficial owners of more than five percent of the Stock.
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CUSIP No. 15115 L 103 13D Page 6 of 6 Pages
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit B - Transactions in the Stock by Reporting Persons in the 60 Days
Prior to Date of Event
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 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: 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 60 DAYS PRIOR TO DATE OF EVENT
<TABLE>
<CAPTION>
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Settlement For the Price Per
Date By Account of Quantity Share Type of Trade Broker
---- -- ---------- -------- ----- ------------- ------
<S> <C> <C> <C> <C> <C> <C>
10/16/97 Partners BVF (10,000) $7.5313 Sale MIST
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12/08/97 Partners BVF (2,000) $8.9375 Sale INET
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12/16/97 Partners BVF (26,800) $8.0000 Sale OPCO
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12/16/97 Partners ILL10 (1,800) $8.0000 Sale OPCO
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12/16/97 Partners BVF Ltd. (16,400) $8.0000 Sale OPCO
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</TABLE>
MIST = Mister Stock
INET = Instinet
OPCO = Oppenheimer & Co., Inc.
