<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(B) AND (C) AND AMENDMENTS THERETO FILED
PURSUANT TO 13D-2(B)
(AMENDMENT NO. ___)*
SEQUANA THERAPEUTICS, INC.
--------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
---------------------------------------
(Title of Class of Securities)
817322 10 0
--------------
(CUSIP Number)
------------------------
* 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 amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in 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 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act.
<PAGE>
13G
CUSIP No. 817322 10 0
-----------
1. NAME OF REPORTING PERSON:
Carlyle-Sequana Investors II, L.P.
-------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
-------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER:
0
-------------------------------------------------------------------------
6. SHARED VOTING POWER:
773,360
-------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER:
0
-------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER:
773,360
-------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
773,360
-------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:
[ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9:
7.54%
-------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON:
PN
-------------------------------------------------------------------------
2
<PAGE>
13G
CUSIP No. 817322 10 0
-----------
1. NAME OF REPORTING PERSON:
Carlyle-Sequana Investors L.L.C.
-------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
-------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER:
0
-------------------------------------------------------------------------
6. SHARED VOTING POWER:
171,859
-------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER:
0
-------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER:
171,859
-------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
171,859
-------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:
[ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9:
1.68%
-------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON:
OO*
-------------------------------------------------------------------------
- -----------------------
* Carlyle-Sequana Investors L.L.C. is a limited liability company organized
under the laws of the State of Delaware.
3
<PAGE>
13G
CUSIP No. 817322 10 0
-----------
1. NAME OF REPORTING PERSON:
TC Group, L.L.C., d/b/a The Carlyle Group
-------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
-------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER:
0
-------------------------------------------------------------------------
6. SHARED VOTING POWER:
945,219
-------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER:
0
-------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER:
945,219
-------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
945,219
-------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:
[ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9:
9.21%
-------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON:
OO*
-------------------------------------------------------------------------
- -----------------------
* TC Group, L.L.C. is a limited liability company organized under the laws of
the State of Delaware.
4
<PAGE>
13G
CUSIP No. 817322 10 0
-----------
1. NAME OF REPORTING PERSON:
TCG Holdings, L.L.C.
-------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
-------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5. SOLE VOTING POWER:
0
-------------------------------------------------------------------------
6. SHARED VOTING POWER:
945,219
-------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER:
0
-------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER:
945,219
-------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
945,219
-------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:
[ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9:
9.21%
-------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON:
OO*
-------------------------------------------------------------------------
- ---------------------
* TCG Holdings, L.L.C. is a limited liability company organized under the laws
of the State of Delaware.
5
<PAGE>
Item 1.
(a) NAME OF ISSUER: Sequana Therapeutics, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
11099 North Torrey Pines Rd.
La Jolla, CA 92037
ITEM 2.
CARLYLE SEQUANA INVESTORS II, L.P.
(a) NAME OF PERSON FILING:
Carlyle-Sequana Investors II, L.P.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1001 Pennsylvania Ave., N.W.
Suite 220 South
Washington, D.C. 20004
(c) CITIZENSHIP: Delaware
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, $.001 par value
(e) CUSIP NUMBER:
Not applicable.
CARLYLE-SEQUANA INVESTORS, L.L.C.
(a) NAME OF PERSON FILING:
Carlyle-Sequana Investors, L.L.C.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1001 Pennsylvania Ave., N.W.
Suite 220 South
Washington, D.C. 20004
(c) CITIZENSHIP: Delaware
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, $.001 par value
6
<PAGE>
(e) CUSIP NUMBER:
Not applicable.
TC GROUP, L.L.C., D/B/A THE CARLYLE GROUP
(a) NAME OF PERSON FILING:
TC Group, L.L.C.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1001 Pennsylvania Ave., N.W.
Suite 220 South
Washington, D.C. 20004
(c) CITIZENSHIP: Delaware
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, $.001 par value
(e) CUSIP NUMBER:
Not applicable.
TCG HOLDINGS, L.L.C.
(a) NAME OF PERSON FILING:
TCG Holdings, L.L.C.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1001 Pennsylvania Ave., N.W.
Suite 220 South
Washington, D.C. 20004
(c) CITIZENSHIP: Delaware
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, $.001 par value
(e) CUSIP NUMBER:
Not applicable.
ITEM 3. IF STATEMENT IS FILED PURSUANT TO RULES 13D-1(B) OR 13D-2(B).
Not applicable.
7
<PAGE>
ITEM 4. OWNERSHIP
CARLYLE-SEQUANA INVESTORS II, L.P.
(a) AMOUNT BENEFICIALLY OWNED: 773,360
(b) PERCENT OF CLASS: 7.54%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
0
--------------------------------------------------------
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
773,360
--------------------------------------------------------
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
0
--------------------------------------------------------
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
773,360
--------------------------------------------------------
CARLYLE-SEQUANA INVESTORS L.L.C.
(a) AMOUNT BENEFICIALLY OWNED: 171,859
(b) PERCENT OF CLASS: 1.68%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
0
--------------------------------------------------------
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
171,859
--------------------------------------------------------
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
0
--------------------------------------------------------
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
171,859
--------------------------------------------------------
TC GROUP, L.L.C., D/B/A THE CARLYLE GROUP
(a) AMOUNT BENEFICIALLY OWNED: 945,219
(b) PERCENT OF CLASS: 9.21%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
0
--------------------------------------------------------
8
<PAGE>
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
945,219
--------------------------------------------------------
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
0
--------------------------------------------------------
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
945,219
--------------------------------------------------------
TCG HOLDINGS, L.L.C.
(a) AMOUNT BENEFICIALLY OWNED: 945,219
(b) PERCENT OF CLASS: 9.21%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
0
--------------------------------------------------------
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
945,219
--------------------------------------------------------
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
0
--------------------------------------------------------
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION
OF:
945,219
--------------------------------------------------------
William E. Conway, Jr., Frank C. Carlucci, III, Daniel A. D'Aniello,
Richard G. Darman and James A. Baker, III are managing members of TCG Holdings,
L.L.C. and, in such capacity, such individuals may be deemed to share beneficial
ownership of any shares of common stock, par value $.001 per share, of Sequana
Therapeutics, Inc. beneficially owned by TCG Holdings, L.L.C. Such individuals
disclaim any such beneficial ownership.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not applicable.
9
<PAGE>
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
ITEM 10. CERTIFICATION:
Not applicable.
EXPLANATORY NOTE:
- ----------------
The shares of common stock, par value $.001 per share of Sequana
Therapeutics, Inc. (the "Company") reported as beneficially owned by the
reporting persons were acquired by the reporting persons prior to the initial
public offering of the Company which occurred in 1995, and the beneficial
ownership of such shares by the reporting persons has been reflected in the
registration statements and proxy statements of the Company previously filed
with the Securities and Exchange Commission. The reporting persons, however,
have, inadvertently, not previously reported such ownership on Schedule 13G.
Accordingly, this Schedule 13G is being filed at this time to so report such
beneficial ownership.
10
<PAGE>
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.
Date: December 5, 1997
CARLYLE-SEQUANA INVESTORS II, L.P.
By: TC Group, L.L.C., its General Partner
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
---------------------------------------
Name: Richard G. Darman
Title: Managing Director
CARLYLE-SEQUANA INVESTORS L.L.C.
By: TC Group Investment Holdings, L.L.C., its Managing
Member
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
---------------------------------------
Name: Richard G. Darman
Title: Managing Director
TC GROUP, L.L.C.
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
--------------------------------------------
Name: Richard G. Darman
Title: Managing Director
TCG HOLDINGS, L.L.C.
By: /s/ Richard G. Darman
--------------------------------------------------
Name: Richard G. Darman
Title: Managing Director
11
<PAGE>
LIST OF EXHIBITS
EXHIBIT NO. DESCRIPTION
- ----------- -----------
A Joint Filing Agreement of Carlyle-Sequana Investors II, L.P.,
Carlyle-Sequana Investors L.L.C., TC Group, L.L.C. and TCG
Holdings, L.L.C.
<PAGE>
EXHIBIT A: JOINT FILING AGREEMENT
----------------------------------
In accordance with Rule 13d-1(f) promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing with all other Reporting Persons (as such term is defined in the Schedule
13G referred to below) on behalf of each of them of a statement on Schedule 13G
(including amendments thereto) with respect to the common stock, par value
$0.001 per share, of Sequana Therapeutics, Inc., a Delaware corporation, and
that this Agreement may be included as an Exhibit to such joint filing. This
Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument.
[Remainder of this page has been left intentionally blank.]
<PAGE>
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as
of the 5th day of December, 1997.
CARLYLE-SEQUANA INVESTORS II, L.P.
By: TC Group, L.L.C., its General Partner
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
---------------------------------------
Name: Richard G. Darman
Title: Managing Director
CARLYLE-SEQUANA INVESTORS L.L.C.
By: TC Group Investment Holdings, L.L.C., its Managing
Member
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
---------------------------------------
Name: Richard G. Darman
Title: Managing Director
TC GROUP, L.L.C.
By: TCG Holdings, L.L.C., its Managing Member
By: /s/ Richard G. Darman
--------------------------------------------
Name: Richard G. Darman
Title: Managing Director
TCG HOLDINGS, L.L.C.
By: /s/ Richard G. Darman
--------------------------------------------------
Name: Richard G. Darman
Title: Managing Director
2
