BIOCRYST PHARMACEUTICALS INC — Director's Dealing 2012

Apr 23, 2012

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: BIOCRYST PHARMACEUTICALS INC (BCRX)
CIK: 0000882796
Period of Report: 2012-04-12

Reporting Person: BAKER BROS ADVISORS LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	0	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrants	$10.25	2012-08-09	Common Stock (0)		Indirect

Footnotes

F1: Baker Bros. Advisors, LLC ("the Adviser") serves as the Investment Adviser to Baker Brothers Life Sciences, L.P. (direct holder of 3,841,124 shares and 1,120,142 shares underlying warrants), 14159, L.P. (direct holder of 120,828 shares and 35,611 shares underlying warrants), 667, L.P. (direct holder of 1,522,015 shares and 424,726 shares underlying warrants), Baker Bros. Investments II, L.P. (direct holder of 28,361 shares and 2,854 shares underlying warrants), Baker Bros. Investments, L.P. (direct the holder of 34,046 shares), and Baker Tisch Investments, L.P. (direct holder of 17,241 shares) ("the Funds"). In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest.

F2: On April 12, 2012, the Adviser, the Funds, and the general partners of the Funds entered into an amended and restated management agreement which gave the Adviser complete and unlimited discretion and authority with respect to the Funds' investments and voting power over investments. The general partners of the Funds relinquished all discretion and authority with respect to the Funds' investments and voting power over investments.

F3: Julian C. Baker and Felix J. Baker each may be deemed to control the Adviser and to indirectly beneficially own the shares beneficially owned by it. Julian C. Baker and Felix J. Baker disclaim beneficial ownership of these securities, except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that Felix J. Baker or Julian C. Baker is the beneficial owner of the above referenced securities for purposes of Section 16 or for any other purpose.

F4: The securities over which the Adviser is reporting have already been reported by Felix J. Baker and Julian C. Baker in their own Forms 3 and 4. In the future, the Adviser may jointly file Section 16 reports with Julian C. Baker and Felix J. Baker.

F5: Exercisable immediately.