8-K

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                             CURRENT REPORT PURSUANT
                          TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): April 26, 2001

                                     0-27352
                            (Commission File Number)


                                 HYBRIDON, INC.
             (Exact Name of Registrant as Specified in Its Charter)


           Delaware                                         04-3072298
(State or Other Jurisdiction of                          (I.R.S. Employer
        Incorporation)                                  Identification No.)

                345 Vassar Street, Cambridge, Massachusetts 02139
                    (Address of Principal Executive Offices)

                                 (617) 679-5500
              (Registrant's Telephone Number, Including Area Code)



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ITEM 2.  ACQUISITION OR DISPOSITION OF ASSETS

         On April 26, 2001, Hybridon, Inc. (the "Company") closed the sale of
2,350,000 common shares of the Company's holding of MethylGene Inc., a Canadian
pharmaceutical research company ("MethylGene"), to Paul Capital Partners VI,
L.P. and PCP Associates, L.P., both affiliates of Paul Capital Partners, an
investment fund company specializing in secondary acquisitions, located in San
Francisco, California ("Paul Capital"). As a result of arms-length negotiations
between Paul Capital and the Company, Paul Capital paid $1.81 per share, for an
aggregate sale price of approximately $4.3 million.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                HYBRIDON, INC.

                                By:          /s/ Sudhir Agrawal
                                    --------------------------------------------
                                    Name:  Sudhir Agrawal
                                    Title: President and Chief Executive Officer

                                    Date:  May 9, 2001

EX-99.1

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TYPE:    EX-99.1
SEQUENCE:         2
DESCRIPTION:      PRESS RELEASE

HYBRIDON SELLS SHARES IN METHYLGENE

CAMBRIDGE, Mass., April 30, 2001/PRNewswire/ -- Hybridon (OTC Bulletin Board:
HYBN) today announced it has closed the sale of 60% of its holding of
MethylGene, Inc., to a group of private US institutional investors. MethylGene
is a Canadian pharmaceutical research company in which Hybridon currently holds
a 22% interest.

Hybridon has also entered into agreements with three of MethylGene's other
shareholders to sell the balance of its holding on terms similar to those agreed
to by the institutional investors ($2.85 Canadian or approximately $1.81 US per
share). Hybridon received proceeds of approximately $4.3 million (US) from the
initial sale and will receive an additional $2.8 million (US) when Hybridon's
entire position has been sold, adding a total of $7.1 million to the company's
balance sheet.

"This transaction provides the Company with the financial strength to proceed
with the clinical and commercial development of our breakthrough advances in
antisense, immune stimulation, and cyclicon technology." said Dr. James
Wyngaarden, M.D., Chairman of Hybridon. "This closing, along with other steps we
have taken in recent months, will allow the company to further reduce its debt
and achieve a solid financial footing."

About the Company

Located in Cambridge, MA, Hybridon, Inc. is engaged in the discovery and
development of novel genetic medicines based primarily on antisense technology
for the treatment of diseases for which there are currently limited or no
effective treatments. Antisense technology involves the use of synthetic
segments of DNA to inhibit the production of disease-associated proteins by
interacting at the genetic level with target strands of messenger RNA.

Hybridon owns or has exclusively licensed patents covering antisense
chemistries, therapeutic targets and methods of oligonucleotide administration.
Hybridon's DNA chemistry program has identified "cyclicons", a novel antisense
structure that simplifies the application of antisense to identify gene
function. Hybridon has also designed a portfolio of novel, CpG oligonucleotides
that act as immunostimulatory agents, for use with vaccines or by themselves, to
enhance the body's immune response.

Hybridon's lead compound, the antisense oligonucleotide GEM(R)231, is currently
in Phase II clinical trials for the treatment of solid tumors. Hybridon also has
two spinouts, MethylGene, Inc. and OriGenix Technologies Inc., in which it holds
minority ownership positions. Hybridon has recently arranged for the sale of its
shares in MethylGene. For more detailed information about Hybridon, please visit
the website at http://www.hybridon.com.

The statements made in this press release contain certain forward-looking
statements that involve a number of risks and uncertainties, including the risks
that the results obtained in preclinical studies may not be indicative of
results obtained in future studies or in clinical trials. It also includes the
risk that Hybridon's antisense drugs may be ineffective or may not receive
required regulatory approvals, or may not be profitable or that the company will
be forced to cease operations due to the lack of sufficient funding. Such
statements are only predictions and actual events or results may differ
materially. In addition to the matters described in this press release, risk
factors as stated from time to time in Hybridon's SEC reports, including but not
limited to, its Annual Report on Form 10-K, may affect the results achieved by
Hybridon.

This and other Hybridon press releases can be found at http://www.hybridon.com
and http://www.noonanrusso.com.


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