<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)/1/
NPS PHARMACEUTICALS, INC.
-------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
62936 P 103
-----------
(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)
January 30, 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>
SCHEDULE 13D
- ----------------------------- -------------------------
CUSIP NO. 62936 P 103 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
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 569,900
REPORTING ------------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
569,900
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
569,900
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.7%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 62936 P 103 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
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 1,141,800
REPORTING ------------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,141,800
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,141,800
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.5%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP NO. 62936 P 103 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
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 1,141,800
REPORTING ------------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH -0-
------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,141,800
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,141,800
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.5%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 62936 P 103 SCHEDULE 13D Page 5 of 7 Pages
- ----------------------------- -------------------------
This Amendment No. 2 (this "Amendment") relates to the Statement on Schedule
13D, dated April 25, 1997, as amended by Amendment No. 1, dated December 1, 1997
(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, par value $0.001 per share (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 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since December 26, 1997, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number of
40,500 shares of the Stock for an aggregate consideration of $310,562.50,
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 102,400
shares of the Stock for an aggregate consideration of $792,514.32 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 569,900 shares of the Stock, Partners
beneficially owns 1,141,800 shares of the Stock, and BVF Inc. beneficially owns
1,141,800 shares of the Stock, approximately 4.7%, 9.5% and 9.5%, respectively,
of the aggregate number of shares outstanding as of September 30, 1997 (as
reported in NPS's most recent quarterly statement on Form 10-Q).
(b) BVF shares voting and dispositive power over the 569,900 shares of the
Stock it beneficially owns with Partners. Partners and BVF Inc. share voting
and dispositive power over the 1,141,800 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
<PAGE>
- ----------------------------- -------------------------
CUSIP NO. 62936 P 103 SCHEDULE 13D Page 6 of 7 Pages
- ----------------------------- -------------------------
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 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 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>
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CUSIP NO. 62936 P 103 SCHEDULE 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: February 27, 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: February 27, 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 By For the Quantity Price Type of Trade Broker
Date ----------- Account of -------- per ------------- ------
- ---------- ----------- Share
---------
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
12/26/97 Partners BVF 26,500 $7.6250 Purchase OPCO
- --------------------------------------------------------------------------------------
12/26/97 Partners ILL10 3,750 $7.6250 Purchase OPCO
- --------------------------------------------------------------------------------------
12/26/97 Partners PAL 2,250 $7.6250 Purchase OPCO
- --------------------------------------------------------------------------------------
12/26/97 Partners ZPG 2,000 $7.6250 Purchase OPCO
- --------------------------------------------------------------------------------------
12/26/97 Partners BVF Ltd. 15,500 $7.6250 Purchase OPCO
- --------------------------------------------------------------------------------------
01/06/98 Partners BVF Ltd. 4,600 $7.5761 Purchase INET
- --------------------------------------------------------------------------------------
01/08/98 Partners BVF Ltd. 3,800 $7.6447 Purchase INET
- --------------------------------------------------------------------------------------
01/20/98 Partners BVF Ltd. 4,000 $8.0000 Purchase INET
- --------------------------------------------------------------------------------------
01/21/98 Partners BVF Ltd. 50,000 $7.7750 Purchase VECT
- --------------------------------------------------------------------------------------
01/21/98 Partners BVF Ltd. 3,500 $7.8214 Purchase INET
- --------------------------------------------------------------------------------------
01/29/98 Partners BVF Ltd. 1,000 $7.7500 Purchase INET
- --------------------------------------------------------------------------------------
01/30/98 Partners BVF 14,000 $7.7500 Purchase VECT
- --------------------------------------------------------------------------------------
01/30/98 Partners PAL 2,000 $7.7500 Purchase VECT
- --------------------------------------------------------------------------------------
01/30/98 Partners BVF Ltd. 10,000 $7.7500 Purchase VECT
- --------------------------------------------------------------------------------------
</TABLE>
OPCO = Oppenheimer & Co., Inc.
INET = Instinet
VECT = Vector Securities
