<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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. _____)(1)
NPS PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
62936P 10 3
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(CUSIP Number)
MARC SCHNEIDMAN
BVF PARTNERS L.P.
333 WEST WACKER DRIVE, SUITE 1600
CHICAGO, ILLINOIS 60606
(415) 288-2396
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 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(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. SEE Rule 13d-7(b)
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 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. 62936P 10 3 13D Page 2 of 8 Pages
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1 NAME 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 OF A GROUP*
(a) /X/ (b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING 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 7 SOLE VOTING POWER
OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------
REPORTING 1,166,600
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,166,600
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,166,600
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.5%
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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. 62936P 10 3 13D Page 3 of 8 Pages
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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) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING 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 7 SOLE VOTING POWER
OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,442,700
REPORTING -----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,442,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
2,442,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
19.9%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 62936P 10 3 13D Page 4 of 8 Pages
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- --------------------------------------------------------------------------------
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) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,442,700
REPORTING -----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,442,700
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
2,442,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
19.9%
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14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 62936P 10 3 13D Page 5 of 8 Pages
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock (the "Stock") of NPS Pharmaceuticals, Inc., a Delaware corporation
("NPS"). The principal executive office of NPS is located at 420 Chipeta Way,
Suite 240, Salt Lake City, UT 84108-1256.
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. 62936P 10 3 13D Page 6 of 8 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since July 6, 1998, Partners, in its capacity as general partner of BVF,
has purchased on behalf of such limited partnership an aggregate number of 1,000
shares of the Stock for an aggregate consideration of $7,530.00, 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 11,900 shares of the
Stock for an aggregate consideration of $88,344.38, utilizing funds under
management by Partners pursuant to investment management agreements between
Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTION.
The external environment for small, quality biotechnology companies is
undergoing a period of rapid and profound change. The convergence of a
depressed equity market, the possible slowing pace of a corporate partnering
activity, and escalating cash burn rates could produce an industry shake-out in
which financially conservative companies prosper and financially weak companies
falter. This changing environment may call for managements and Boards to
husband capital by significantly reducing cash burn rates and to otherwise alter
preconceived business plans. If managed pro-actively and intelligently, this
period could yield attractive returns for shareholders. However, the
consequences of complacency and the potential for irreparable missteps are
great. BVF may seek to work with company managements, Boards and shareholders
to maximize shareholder value and, specifically, to protect the substantial
value of funded, partnered programs from unnecessary dilution. BVF IS AMENDING
ALL ITS 13-D FILINGS WITH THIS NOTICE.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 1,166,600 shares of the Stock, Partners
beneficially owns 2,442,700 shares of the Stock, and BVF Inc. beneficially owns
2,442,700 shares of the Stock, approximately 9.5%, 19.9% and 19.9%,
respectively, of the aggregate number of shares outstanding as of June 30, 1998
(as reported in NPS's most recent quarterly statement).
(b) BVF shares voting and dispositive power over the 1,166,600 shares of
the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 2,442,700 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
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CUSIP NO. 62936P 10 3 13D Page 7 of 8 Pages
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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 c/o 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 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 Stock and to vote and dispose of the Stock. 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 Stock
and to vote and dispose of the Stock. 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. 62936P 10 3 13D Page 8 of 8 Pages
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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: September 8, 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: September 8, 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 FOR THE PRICE PER
DATE BY ACCOUNT OF QUANTITY SHARE TYPE OF TRADE BROKER
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<S> <C> <C> <C> <C> <C> <C>
07/08/98 Partners BVF, Ltd. 1,000 $7.6250 Purchase INET
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07/09/98 Partners BVF, Ltd. 6,700 $7.2985 Purchase INET
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07/14/98 Partners BVF 1,000 $7.5000 Purchase INET
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07/14/98 Partners BVF, Ltd. 3,100 $7.5000 Purchase INET
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09/02/98 Partners BVF, Ltd. 1,100 $7.4659 Purchase INET
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</TABLE>
INET = Instinet
