SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
SCHEDULE 13G
Information Statement pursuant to Rule 13d-1 and 13d-2
(Final Amendment)
GelTex Pharmaceuticals, Inc.
__________________________________________________________________
(Name of Issuer)
Common Stock, $.01 par value
__________________________________________________________________
(Title of Class of Securities)
368538104
_________________________________________________________________
(CUSIP Number)
________________________
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CUSIP No. 368538104 Page 2 of 5 Pages
__________________________________________________________________
1) Name of Reporting Person Biotechnology
S.S. or I.R.S. Identification Investments
No. of Above Person Limited
__________________________________________________________________
2) Check the Appropriate Box (a) [ ]
if a Member of a Group (b) [ ]
_________________________________________________________________
3) SEC Use Only
_________________________________________________________________
4) Citizenship or Place Guernsey,
of Organization Channel Islands
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Number of 5) Sole Voting 427,978 shares of Shares
Beneficially Power Common Stock, $.01
Owned by Each par value ("Common
Reporting Person Stock")
________________________________________
6) Shared Voting
Power -0-
________________________________________
7) Sole Disposi- 427,978 shares of tive
Power
Common
Stock
________________________________________
8) Shared Dis-
positive Power -0-
________________________________________
9) Aggregate Amount Beneficially 427,978 shares of
Owned by Each Reporting Person Common Stock
_________________________________________________________________
10) Check if the Aggregate
Amount in Row (9)
Excludes Certain Shares
_________________________________________________________________
11) Percent of Class
Represented by 3.1%
Amount in Row (9)
_________________________________________________________________
12) Type of Reporting
Person CO
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CUSIP No. 368538104 Page 3 of 5 Pages
Final Amendment to Schedule 13G
_______________________________
Reference is hereby made to the statement on Schedule 13G
originally filed with the Securities and Exchange Commission on February 9,
1996 (the "Schedule 13G"). Terms defined in the Schedule 13G are used
herein as so defined.
The Schedule 13G is hereby amended as follows:
Item 4 - Ownership.
(a) Amount Beneficially Owned:
427,978 shares of Common Stock
(b) Percent of Class:
3.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 427,978
shares
(ii) shared power to vote or to direct the vote: -0-
(iii) sole power to dispose or to direct the disposition
of: 427,978 shares
(iv) shared power to dispose or to direct the
disposition of: -0-
Item 5 - Ownership of Five Percent or Less of a Class:
This statement is being filed to report the fact that as of
the date hereof BIL has ceased to be the beneficial owner of more than five
percent of the Common Stock.
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CUSIP No. 368538104 Page 4 of 5 Pages
Signature:
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.
BIOTECHNOLOGY INVESTMENTS LIMITED
By /s/ Kathleen K. Schoemaker
Attorney-in-Fact
Date: February 2, 1998
<PAGE>
CUSIP No. 368538104 Page 5 of 5 Pages
OLD COURT LIMITED
P.O. Box 58, St. Julian's Court, St. Peter Port,
Guernsey, Channel Islands GYI 3BP
Our Ref: PF/domain/POA80
28 January 1998
Domain Associates
One Palmer Square
Princeton, New Jersey 08542
USA
Dear Sirs
BIOTECHNOLOGY INVESTMENTS LIMITED
We, NM Rothschild & Sons (C.I.) Limited hereby authorise you to execute on
behalf of NM Rothschild & Sons (C.I.) Limited a Schedule 13G to be filed
with the Securities and Exchange Commission regarding Biotechnology
Investments Limited's holdings of GelTex Pharmaceuticals, Inc.
Yours very truly
per pro NM Rothschild & Sons (C.I.) Limited
/s/ J.J. Nicolle /s/ A.J. Gallienne
J.J. Nicolle A.J. Gallienne
Authorised Signatory Authorised Signatory
We confirm that we have authorised NM Rothschild & Sons (C.I.) Limited to
grant the above Power of Attorney.
Yours very truly
per pro Biotechnology Investments Limited
/s/ P.A.S. Firth
P.A.S. Firth, Authorised Signatory
