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Biotech / Medical : SIBIA Neurosciences (SIBI) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (518)	8/6/1999 4:30:00 PM
From: jayhawk969	Respond to of 579

Thanks.

To: scaram(o)uche who wrote (518)	8/10/1999 2:19:00 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 579

new filing.... I love these guys...... This Amendment No. 2 (the "Amendment") to the Statement on Schedule 13D, dated September 8, 1998 (as amended, the "Statement"), as amended by Amendment No. 1, dated August 4, 1999 ("Amendment No. 1"), is 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 the Reporting Persons' filing of Amendment No. 1, Partners, in its capacity as general partner of BVF, has purchased on behalf of such limited partnership an aggregate number of 39,000 shares of the Stock for an aggregate consideration of $343,048.50, 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 58,900 shares of the Stock for an aggregate consideration of $513,556.50, 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. BVF 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, BVF may explore various alternatives for enhancing SIBIA's shareholder value. In particular, one alternative we have expressed interest in is the distribution of the preexisting, fully-funded, partnered royalties to SIBIA's current shareholders. There can be no assurance that this alternative or other alternatives developed by BVF, if any, will be acceptable to SIBIA or that if so approved, will be consummated. In pursuit of the above mentioned goals, BVF has communicated with, and may communicate with in the future SIBIA's management, Board and other shareholders, with Merck, and with other interested parties.