<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
13D-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13D-2(a)
(AMENDMENT NO. 1)1
SIBIA NEUROSCIENCES, INC.
-------------------------
(Name of Issuer)
COMMON STOCK
------------
(Title of Class of Securities)
825732 10 0
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
227 West Monroe Street, Suite 4800
Chicago, Illinois 60606
(312) 263-7777
----------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
AUGUST 2, 1999
(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. 896263 10 0 13D Page 2 of 7 Pages
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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 PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING 707,750
PERSON WITH -------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
707,750
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
707,750
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.3%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 896263 10 0 13D Page 3 of 7 Pages
- --------------------------------------- ------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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*
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING 1,320,600
PERSON WITH -------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,320,600
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,320,600
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 896263 10 0 13D Page 4 of 7 Pages
- ------------------------------- ------------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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, 00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING 1,320,600
PERSON WITH -------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,320,600
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,320,600
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.6%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 896263 10 0 13D Page 5 of 7 Pages
- ------------------------------- ------------------------------------
This Amendment No. 1 (the "Amendment") to the Statement on Schedule
13D, dated September 8, 1998 (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 (the "Stock"), of SIBIA Neurosciences, Inc., a Delaware corporation
("SIBIA").
Item 3 is hereby amended to read in its entirety as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since June 3, 1999, Partners, in its capacity as general partner of
BVF, has purchased on behalf of such limited partnership an aggregate number
of 151,200 shares of the Stock for an aggregate consideration of
$1,270,013.58, 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 126,000 shares of the Stock for an aggregate
consideration of $1,055,788.20, utilizing funds under management by Partners
pursuant to investment management agreements between Partners and such
managed accounts.
Item 4 is hereby amended to read in its entirety as follows:
ITEM 4. PURPOSE OF TRANSACTIONS.
Partners believes the terms of the proposed acquisition of SIBIA by
Merck & Co. do not adequately reflect the fair value of SIBIA's world-class
drug discovery organization plus the extraordinary potential of SIBIA's
royalties derived from preexisting, fully-funded, partnered programs.
Accordingly, Partners may explore various alternatives for enhancing SIBIA's
shareholder value. To this end, Partners has communicated with, and may
communicate with in the future, SIBIA's management, Board and other
shareholders, with Merck, and with other interested parties. There can be no
assurance that Partners will develop any alternatives or that such
alternatives, if developed, will be provided by SIBIA or that, if provided,
will succeed.
<PAGE>
CUSIP NO. 896263 10 0 13D Page 6 of 7 Pages
- ---------------------------- -------------------------------------
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 707,750 shares of the Stock, Partners
beneficially owns 1,320,600 shares of the Stock, and BVF Inc. beneficially
owns 1,320,600 shares of the Stock, approximately 7.3%, 13.6% and 13.6%,
respectively, of the aggregate number of shares outstanding as of July 30,
1999 (as reported by SIBIA's shareholder services department).
(b) BVF shares voting and dispositive power over the 707,750 shares
of the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 1,320,600 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."). Together, ILL10
and BVF Ltd. are 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., 227 West Monroe Street, Suite
4800, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all
transactions in the Stock by the Reporting Persons during the last 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 last 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>
CUSIP NO. 896263 10 0 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: August 4, 1999
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: August 4, 1999
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 PAST SIXTY DAYS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FOR THE
TRADE DATE BY ACCOUNT QUANTITY PRICE PER TYPE OF TRADE BROKER
OF SHARE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
08/02/99 BVF Ltd. Partners 18,000 $8.3749 Purchase INET
- --------------------------------------------------------------------------------------------------------------------------------
08/02/99 BVF Partners 124,200 $8.3749 Purchase INET
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08/02/99 BVF Ltd. Partners 80,000 $8.3750 Purchase HRZG
- --------------------------------------------------------------------------------------------------------------------------------
08/03/99 BVF Partners 22,000 $8.3750 Purchase HRGZ
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08/03/99 ILL10 Partners 10,000 $8.3750 Purchase HRGZ
- --------------------------------------------------------------------------------------------------------------------------------
08/03/99 BVF Ltd. Partners 18,000 $8.3750 Purchase HRGZ
- --------------------------------------------------------------------------------------------------------------------------------
08/04/99 BVF Partners 5,000 $8.3750 Purchase HRGZ
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</TABLE>
INET = Instinet
HRZG = Herzog, Hein & Geduld
