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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THEREFO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 5)
BIOENVISION, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
09059N100
(CUSIP Number)
ANDREW NICHOLSON
PERSEUS-SOROS BIOPHARMACEUTICAL FUND, LP
888 SEVENTH AVENUE, 30TH FLOOR
NEW YORK, NY 10106
TEL. NO.: (212) 651-6383
(Name, Address and Telephone Number of
Person Authorized
to Receive Notices and Communications)
with a copy to
JOHN C. KENNEDY, ESQ.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019-6064
MAY 29, 2007
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box [_].
*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 purposes 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 (however, see
the Notes).
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CUSIP NO. 09059N100 Page 2 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Perseus-Soros BioPharmaceutical Fund, LP
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
------------
(1) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 3 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Perseus-Soros Partners, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by
Perseus-Soros Partners, LLC ("Perseus-Soros Partners") solely in its capacity
as sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 4 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Perseus BioTech Fund Partners, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Perseus
BioTech Fund Partners, LLC ("Perseus Partners") solely in its capacity as a
managing member of Perseus-Soros Partners, which is the sole general partner of
Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 5 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
SFM Participation, L.P.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by SFM
Participation, L.P. ("SFM Participation") solely in its capacity as a managing
member of Perseus-Soros Partners, which is the sole general partner of
Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 6 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
SFM AH LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by SFM AH
LLC ("SFM AH") solely in its capacity as the general partner of SFM
Participation, which is a managing member Perseus-Soros Partners, which is the
sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 7 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Perseuspur, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by
Perseuspur, LLC ("Perseuspur"), solely in its capacity as the managing member
of Perseus Partners, which is a managing member of Perseus-Soros Partners,
which is the sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 8 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Frank H. Pearl (in the capacity described herein)
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Mr.
Pearl, solely in his capacity as the sole member of Perseuspur, which is the
managing member of Perseus Partners, which is a managing member of
Perseus-Soros Partners, which is the sole general partner of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 9 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Soros Fund Management LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO; IA
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Soros
Fund Management LLC ("SFM LLC"), solely in its capacity as the sole managing
member of SFM AH, which is the general partner of SFM Participation, which is a
managing member of Perseus-Soros Partners, which is the sole general partner of
Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 10 of 17
SCHEDULE 13D
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
George Soros (in the capacity described herein)
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS
Not Applicable
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[_]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 7,950,053 (1)(2)
OWNED BY -------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
7,950,053 (1)(2)
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,053 (1)(2)
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
-------------------------------------------------------------------------------
------------
(1) Consists of 7,950,053 shares of Common Stock beneficially owned by Mr.
George Soros ("Mr. Soros"), Chairman of SFM LLC, which is the sole managing
member of SFM AH of which is the general partner of SFM Participation, which is
a managing member of Perseus-Soros Partners, which is the sole general partner
of Perseus-Soros.
(2) Assumes (i) full conversion of 2,250,000 shares of Series A Convertible
Preferred Stock which are convertible into 4,500,000 shares of Common Stock and
(ii) exercise of a Warrant to purchase 75,009 shares of Common Stock.
CUSIP NO. 09059N100 Page 11 of 17
SCHEDULE 13D
Item 1. SECURITY AND ISSUER.
This Amendment No. 5 to Schedule 13D relates to the common stock,
par value $0.001 per share (the "Common Stock") of Bioenvision, Inc., a
Delaware corporation (the "Company"). This Amendment No. 5 supplementally
amends the initial statement on Schedule 13D, filed with the Securities and
Exchange Commission on May 20, 2002, as amended by Amendment No. 1 filed on
January 8, 2003, Amendment No. 2 filed on May 17, 2004, Amendment No. 3 filed
on December 17, 2004, and Amendment No. 4 filed on December 21, 2004
(collectively, the "Initial Statement"), filed by the Reporting Persons, and is
being filed pursuant to Rule 13d-1 under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The address of the principal executive offices
of the Company is 345 Park Avenue, 41st Floor, New York, New York 10154.
Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the Initial Statement. The Initial Statement is supplementally
amended as follows.
Item 2. IDENTITY AND BACKGROUND.
On December 27, 2002, George Soros appealed a decision of the 11e
Chambre du Tribunal Correctionnel in Paris, France that fined him 2.2 million
euros on December 20, 2002 based on a finding of insider trading with respect
to trading in securities of Societe Generale in 1988. On March 24, 2005, the
Paris Court of Appeal affirmed the decision of the 11e Chambre du Tribunal
Correctionnel and on June 14, 2006 the Cour de Cassation upheld such decision,
but ordered the Court of Appeal to determine whether the fine should be
reduced. On December 13, 2006, George Soros appealed the decision to the
European Court of Human Rights. On March 20, 2007, the Paris Court of Appeal
reduced the fine imposed against George Soros from 2.2 million euros to 940,000
euros.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
No material change.
Item 4. PURPOSE OF TRANSACTION.
ITEM 4 IS HEREBY AMENDED BY ADDING THE FOLLOWING AT THE END
THEREOF:
The Company entered into an Agreement and Plan of Merger, dated
as of May 29, 2007 (the "Merger Agreement"), by and among Genzyme Corporation,
a Massachusetts corporation ("Parent"), Wichita Bio Corporation, a Delaware
corporation and direct or indirect wholly owned subsidiary of Parent ("Merger
Sub") and the Company. Pursuant to the Merger Agreement, Merger Sub has agreed
to make a cash tender offer to acquire (1) all shares of the issued and
outstanding Common Stock of the Company and (2) all shares of the issued
CUSIP NO. 09059N100 Page 12 of 17
and outstanding Series A Convertible Preferred Stock of the Company (the
"Offer") and thereafter merge with and into the Company (the "Merger") with the
result that the Company becomes a wholly owned subsidiary of Parent. This
Amendment No. 5 is being filed as a result of Perseus-Soros entering into a
Tender and Voting Agreement, dated as of May 29, 2007 (the "Voting Agreement"),
with Parent and Merger Sub in connection with their efforts to consummate the
acquisition of the Company. The description of the Voting Agreement contained
herein is qualified in its entirety by the provisions of the Voting Agreement
referenced as Exhibit 2 hereto.
GRANT OF PROXY; VOTING AGREEMENT
Pursuant to the Voting Agreement, Perseus-Soros irrevocably
appointed Parent as its proxy to vote any shares of Common Stock of the Company
or securities exchangeable, exercisable or convertible into Common Stock
(collectively, the "Securities") for the adoption and aproval of the Merger
Agreement and Merger at any annual, special or other meeting or action of the
shareholders of the Company, as applicable, or at any adjournment thereof or
pursuant to any consent of the shareholders of the Company, in lieu of a
meeting or otherwise, whether before or after the closing of the Offer.
Additionally, if Parent elects not to exercise its rights to vote
the Securities held by Perseus-Soros, Perseus-Soros agreed with Parent and
Merger Sub to vote the Common Stock and the Securities in favor of or give its
consent to, as applicable, a proposal to adopt and approve the Merger Agreement
and the Merger at any annual, special or other meeting or action of the
shareholders of the Company, in lieu of a meeting or otherwise.
TENDER
Pursuant to the Voting Agreement, Perseus-Soros agreed with
Parent and Merger Sub, in exchange for the consideration described in the
Merger Agreement, to tender the Common Stock and Securities it holds to Merger
Sub in the Offer as soon as practicable following the commencement of the Offer
but no later than five (5) business days following the commencement of the
Offer, and also agreed to not withdraw any Common Stock or Securities tendered
unless the Offer is terminated.
LOCK-UP
Pursuant to the Voting Agreement, Perseus-Soros agreed with
Parent and Merger Sub that from May 29, 2007 through December 31, 2007 it would
not, subject to certain limited exceptions, (a) directly or indirectly, sell,
transfer, assign, pledge, hypothecate, tender, encumber or otherwise dispose of
or limit
CUSIP NO. 09059N100 Page 13 of 17
its right to vote in any manner any Common Stock or Securities, or agree to do
any of the foregoing, or (b) take any action which would have the effect of
preventing or disabling Perseus-Soros from performing its obligations under the
Voting Agreement.
NON-SOLICITATION
Pursuant to the Voting Agreement, Perseus-Soros agreed with
Parent and Merger Sub that from May 29, 2007 through December 31, 2007 it would
not, and would not permit its representatives to, subject to certain limited
exceptions, directly or indirectly, (a) solicit, initiate or encourage the
submission of any acquisition proposal or of any other sale, transfer, pledge
or other disposition or conversion of any of the Common Stock or Securities or
of any of the other debt or equity securities of the Company, or (b)
participate in or knowingly encourage any discussions or negotiations
regarding, or furnish to any person any non-public information with respect to,
enter into any agreement with respect to, or take any other action to
facilitate any inquiries or the making of any proposal that constitutes, or may
reasonably be expected to lead to, any acquisition proposal or any other sale,
transfer, pledge or other disposition or conversion of any of the Common Stock
or Securities or of any of the other debt or equity securities of the Company,
in any case, from, to or with any person other than Parent or Merger Sub.
MATTERS RELATED TO THE COMPANY'S SERIES A CONVERTIBLE PREFERRED
STOCK
Pursuant to the Voting Agreement, Perseus-Soros, among other
things, (i) agreed with Parent and Merger Sub to elect to receive the amounts
payable with respect to its shares of the Company's Series A Convertible
Preferred Stock under the Merger Agreement and not the amounts that it
otherwise would have been entitled under the terms of the Series A Convertible
Preferred Stock as set forth in the Certificate of Designation for the Series A
Convertible Preferred Stock and (ii) consented to the Offer, the Merger and the
other transactions contemplated by the Merger Agreement for all purposes as
required under the terms of the Series A Convertible Preferred Stock as set
forth in the Certificate of Designation for the Series A Convertible Preferred
Stock.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated in its entirety as follows:
In accordance with the Company's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2007, as of May 3, 2007, there were 55,035,739
shares of Common Stock outstanding.
CUSIP NO. 09059N100 Page 14 of 17
(a) Pursuant to Rule 13d-3 of the Exchange Act, each of the
Reporting Persons may be deemed the beneficial owner of 7,950,053 shares of
Common Stock, which constitutes approximately 13.3% of the total number of
shares of Common Stock outstanding. The 7,950,053 shares of Common Stock of
which Perseus-Soros may be deemed the beneficial owner consists of the
following: A) 3,375,044 shares of Common Stock held for the account of
Perseus-Soros, B) 4,500,000 shares of Common Stock issuable upon the conversion
of 2,250,000 shares of the Company's Series A Preferred Stock held for the
account of Perseus-Soros and C) 75,009 shares of Common Stock issuable upon the
exercise of the May Warrants held for the account of Perseus-Soros.
(b) By virtue of the relationships between and among the
Reporting Persons described in Item 2 of this Statement on Schedule 13D and as
a result of the provisions of the Voting Agreement, each of the Reporting
Persons may be deemed to have shared power to direct the voting and disposition
of the 7,950,053 shares of Common Stock beneficially owned by Perseus-Soros
assuming the exercise and conversion of all of the securities held for the
account of Perseus-Soros.
(c) On May 2, 2007, Perseus-Soros exercised a warrant for the
purchase of 3,000,000 shares of Common Stock (the "Warrant"). The Warrant had
an exercise price of $2.00 per share, was immediately exercisable and was
originally acquired by Perseus-Soros on May 7, 2002.
(d) The partners of Perseus-Soros have the right to participate
in the receipt of dividends from, or proceeds from the sales of, the shares of
Common Stock or other securities held for the account of Perseus-Soros in
accordance with their ownership interests in Perseus-Soros.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
The information in Item 4 is incorporated herein by reference;
otherwise, the information set forth in Item 6 of the Original Schedule 13D
remains unchanged.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1: Joint Filing Agreement, dated December 22, 2004,
among (i) Perseus-Soros BioPharmaceutical Fund, LP,
(ii) Perseus-Soros Partners, LLC, (iii) Perseus
BioTech Fund Partners, LLC, (iv) SFM Participation,
L.P., (v) SFM AH LLC, (vi) Frank H. Pearl, (vii)
George Soros, (viii) Soros Fund Management LLC, and
(ix) Perseuspur, LLC (previously filed)
CUSIP NO. 09059N100 Page 15 of 17
Exhibit 2: Tender and Voting Agreement, dated May 29, 2007, by
and among Genzyme Corporation, a Massachusetts
corporation, Wichita Bio Corporation, a Delaware
corporation and direct or indirect wholly owned
subsidiary of Genzyme Corporation, and
Perseus-Soros BioPharmaceutical Fund, LP.
Exhibit 3: Power of Attorney, dated May 9, 2007, appointing
Kenneth M. Socha and Rona Kennedy as
Attorney-in-Fact for Frank H. Pearl.
Exhibit 4: Power of Attorney, dated June 16, 2005, appointing
Armando T. Belly, Jodye Anzalotta, Maryann
Canfield, Jay Schoenfarber and Robert Soros as
Attorney-in-Fact for George Soros.
CUSIP NO. 09059N100 Page 16 of 17
SIGNATURE
After reasonable inquiry and to the best of its knowledge and
belief, each of the undersigned certifies that the information set forth in
this statement is true, complete and correct.
Dated: May 30, 2007
PERSEUS-SOROS BIOPHARMACEUTICAL FUND, LP
By: Perseus-Soros Partners, LLC
General Partner
By: SFM Participation, L.P.
Managing Member
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC
Managing Member
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Assistant General Counsel
PERSEUS-SOROS PARTNERS, LLC
By: SFM Participation, L.P.
Managing Member
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC
Managing Member
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Assistant General Counsel
PERSEUS BIOTECH FUND PARTNERS, LLC
By: Perseuspur, LLC
Managing Member
By: /s/ Kenneth M. Socha
---------------------------------------
Name: Kenneth M. Socha
Title: Senior Managing Director
PERSEUSPUR, LLC
By: /s/ Kenneth M. Socha
---------------------------------------
Name: Kenneth M. Socha
Title: Senior Managing Director
CUSIP NO. 09059N100 Page 17 of 17
MR. FRANK H. PEARL
By: /s/ Kenneth M. Socha
---------------------------------------
Name: Kenneth M. Socha
Title: Attorney-in-Fact
SFM PARTICIPATION, L.P.
By: SFM AH LLC
General Partner
By: Soros Fund Management LLC
Managing Member
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Assistant General Counsel
SFM AH LLC
By: Soros Fund Management LLC
Managing Member
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Assistant General Counsel
MR. GEORGE SOROS
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Attorney-in-Fact
SOROS FUND MANAGEMENT LLC
By: /s/ Jodye Anzalotta
---------------------------------------
Name: Jodye Anzalotta
Title: Assistant General Counsel